Granite Oil Corp (GXO) Downgraded by Raymond James Financial, Inc. to “Outperform”
Granite Oil Corp (TSE:GXO) was downgraded by equities research analysts at Raymond James Financial, Inc. from a “strong-buy” rating to an “outperform” rating in a note issued to investors on Thursday. They presently have a C$8.50 price objective on the stock, down from their previous price objective of C$8.75. Raymond James Financial, Inc.’s target price points to a potential upside of 89.31% from the company’s current price.
Several other research analysts also recently commented on the company. National Bank Financial downgraded Granite Oil Corp from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from C$6.00 to C$4.50 in a research note on Thursday. Royal Bank Of Canada decreased their price objective on Granite Oil Corp from C$8.00 to C$6.00 in a research note on Thursday, July 20th.
Shares of Granite Oil Corp (TSE GXO) traded down 9.58% on Thursday, hitting $4.06. The stock had a trading volume of 194,057 shares. The stock’s market capitalization is $136.87 million. The firm has a 50-day moving average price of $4.62 and a 200-day moving average price of $5.18. Granite Oil Corp has a 52 week low of $4.04 and a 52 week high of $7.35.
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In other Granite Oil Corp news, insider Henry Peter Hamm bought 6,700 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The shares were bought at an average price of C$4.45 per share, with a total value of C$29,815.00. Insiders have purchased a total of 11,000 shares of company stock worth $47,444 in the last three months.
Granite Oil Corp Company Profile
Granite Oil Corp., formerly DeeThree Exploration Ltd., is a Canada-based oil producer based in Calgary, Alberta with lands and operations located in southern Alberta. The Company is engaged in the exploration for and exploitation, development and production of oil and natural gas. Its Alberta Bakken Properties are located in southern Alberta, approximately 70 kilometers south of Lethbridge.
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