Granite Oil (GXO) Reaches New 1-Year Low at $2.76

Shares of Granite Oil Corp (TSE:GXO) hit a new 52-week low during trading on Thursday . The company traded as low as C$2.76 and last traded at C$2.85, with a volume of 81247 shares changing hands. The stock had previously closed at C$2.87.

A number of analysts have recently commented on the company. TD Securities cut their price target on Granite Oil from C$5.50 to C$4.50 in a report on Monday, November 13th. National Bank Financial cut their price target on Granite Oil from C$3.00 to C$2.75 and set a “sector perform” rating on the stock in a report on Monday, November 13th. Finally, Royal Bank of Canada cut their price target on Granite Oil from C$6.00 to C$5.00 and set an “outperform” rating on the stock in a report on Monday, November 13th.

The company has a market cap of $94.02, a price-to-earnings ratio of -55.00 and a beta of -0.91.

Granite Oil (TSE:GXO) last released its earnings results on Thursday, November 9th. The company reported C($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.03 by C($0.12). Granite Oil had a negative return on equity of 5.72% and a negative net margin of 32.33%.

The business also recently announced a monthly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 15th will be issued a dividend of $0.023 per share. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $0.28 annualized dividend and a yield of 10.04%. Granite Oil’s payout ratio is presently -700.00%.

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About Granite Oil

Granite Oil Corp. engages in the exploration, development, production, and exploitation of oil and natural gas in the Western Canada Sedimentary Basin in Canada. It owns and operates the Alberta Bakken oil pool in southern Alberta. The company was formerly known as DeeThree Exploration Ltd. and changed its name to Granite Oil Corp.

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