Cormark upgraded shares of Granite Oil (TSE:GXO) from a market perform rating to a buy rating in a research report released on Friday, BayStreet.CA reports. Cormark currently has C$1.65 price objective on the stock, up from their previous price objective of C$1.20.
Other equities research analysts have also issued research reports about the stock. Raymond James raised their target price on shares of Granite Oil from C$1.40 to C$2.00 and gave the stock a buy rating in a report on Thursday, May 2nd. TD Securities lowered shares of Granite Oil from a speculative buy rating to a hold rating and lowered their target price for the stock from C$1.00 to C$0.90 in a report on Monday, March 25th. Royal Bank of Canada restated a neutral rating and issued a C$1.00 target price (down previously from C$1.50) on shares of Granite Oil in a report on Monday, January 7th. Finally, National Bank Financial lowered their target price on shares of Granite Oil from C$1.00 to C$0.90 and set a sector perform rating for the company in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of C$1.29.
Granite Oil stock opened at C$0.92 on Friday. The stock has a market capitalization of $33.85 million and a PE ratio of 46.00. The company has a debt-to-equity ratio of 24.14, a current ratio of 0.13 and a quick ratio of 0.06. Granite Oil has a 12-month low of C$0.43 and a 12-month high of C$3.41.
Granite Oil (TSE:GXO) last released its earnings results on Thursday, March 21st. The company reported C$0.11 earnings per share (EPS) for the quarter. The firm had revenue of C$5.88 million during the quarter. Research analysts forecast that Granite Oil will post 0.12999999082353 EPS for the current year.
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 a 98% working interest in the Alberta Bakken properties covering 56,409 net undeveloped acres and 72,652 net developed acres with 68.0 net oil wells and 83.0 net gas wells located in southern Alberta.
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