Shares of Granite Oil Corp (TSE:GXO) traded down 13.8% during trading on Wednesday . The stock traded as low as C$1.18 and last traded at C$1.19. 161,597 shares traded hands during trading, an increase of 59% from the average session volume of 101,754 shares. The stock had previously closed at C$1.38.
Several analysts have recently commented on the stock. Raymond James decreased their price objective on shares of Granite Oil from C$4.50 to C$3.90 in a research report on Friday, October 5th. TD Securities downgraded shares of Granite Oil from a “buy” rating to a “speculative buy” rating and decreased their price objective for the company from C$3.50 to C$3.00 in a research report on Wednesday, August 15th. Finally, Royal Bank of Canada cut shares of Granite Oil from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$5.00 to C$3.00 in a research note on Monday, August 13th.
Granite Oil (TSE:GXO) last posted its earnings results on Friday, August 10th. The company reported C($0.01) earnings per share for the quarter. The company had revenue of C$14.09 million for the quarter. Granite Oil had a negative net margin of 32.33% and a negative return on equity of 5.72%.
Granite Oil Company Profile (TSE:GXO)
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.
Recommended Story: Buyback
Receive News & Ratings for Granite Oil Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Oil and related companies with MarketBeat.com's FREE daily email newsletter.