Granite Oil (GXO) Cut to “Hold” at TD Securities
TD Securities downgraded shares of Granite Oil (TSE:GXO) from a speculative buy rating to a hold rating in a report released on Monday. The brokerage currently has C$0.90 target price on the stock, down from their prior target price of C$1.00.
Other research analysts also recently issued reports about the company. Cormark increased their price objective on Granite Oil from C$1.10 to C$1.30 in a research note on Thursday, March 14th. Raymond James reduced their price objective on Granite Oil from C$1.50 to C$1.30 and set a market perform rating for the company in a research note on Monday. Royal Bank of Canada reissued a neutral rating and issued a C$1.00 price objective (down from C$1.50) on shares of Granite Oil in a research note on Monday, January 7th. Finally, National Bank Financial reduced their price objective on Granite Oil from C$1.10 to C$1.00 and set a sector perform rating for the company in a research note on Monday.
TSE GXO opened at C$0.81 on Monday. Granite Oil has a one year low of C$0.43 and a one year high of C$3.41. The company has a debt-to-equity ratio of 23.75, a current ratio of 0.09 and a quick ratio of 0.09. The firm has a market capitalization of $30.81 million and a P/E ratio of -3.49.
Granite Oil Corp. engages in the exploration for, exploitation, development, and production of oil and natural gas in Canada. The company holds 100% working interest in the Alberta Bakken properties covering 103,487 undeveloped acres and 72,734 net developed acres with 65.0 net oil wells and 89.0 net gas wells located in southern Alberta.
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