Granite Oil (GXO) Given New C$1.30 Price Target at Cormark

Granite Oil (TSE:GXO) had its target price raised by stock analysts at Cormark from C$1.10 to C$1.30 in a research note issued on Thursday. Cormark’s price target would suggest a potential upside of 47.73% from the stock’s previous close.

Several other brokerages also recently issued reports on GXO. Royal Bank of Canada reissued a “neutral” rating and issued a C$1.00 price objective (down previously from C$1.50) on shares of Granite Oil in a research note on Monday, January 7th. Raymond James reissued a “market perform” rating and issued a C$1.50 price objective on shares of Granite Oil in a research note on Wednesday. Finally, National Bank Financial decreased their price objective on shares of Granite Oil from C$1.25 to C$1.10 and set a “sector perform” rating for the company in a research note on Monday, December 10th.

Shares of TSE GXO opened at C$0.88 on Thursday. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 23.75. The stock has a market capitalization of $33.85 million and a price-to-earnings ratio of -3.79. Granite Oil has a 1 year low of C$0.43 and a 1 year high of C$3.41.

About Granite Oil

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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