Granite Oil Corp (GXO) Sets New 1-Year Low Following Analyst Downgrade

Shares of Granite Oil Corp (TSE:GXO) hit a new 52-week low during trading on Tuesday after National Bank Financial lowered their price target on the stock from C$3.00 to C$2.75. National Bank Financial currently has a sector perform rating on the stock. Granite Oil Corp traded as low as C$3.00 and last traded at C$3.01, with a volume of 200939 shares changing hands. The stock had previously closed at C$3.15.

A number of other brokerages have also issued reports on GXO. Royal Bank Of Canada reduced their target price on Granite Oil Corp from C$8.00 to C$6.00 in a research note on Thursday, July 20th. Raymond James Financial, Inc. lowered Granite Oil Corp from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from C$8.75 to C$8.50 in a research note on Thursday, August 10th. Finally, TD Securities reduced their target price on Granite Oil Corp from C$5.50 to C$4.50 in a research note on Monday.

In other news, Director Bradley Blair Porter bought 8,400 shares of Granite Oil Corp stock in a transaction that occurred on Friday, August 18th. The stock was bought at an average price of C$3.69 per share, for a total transaction of C$30,996.00. In the last 90 days, insiders purchased 11,300 shares of company stock valued at $41,598 and sold 7,500 shares valued at $28,140.

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About Granite Oil Corp

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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