Granite Oil (GXO) Shares Down 13.8%

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%.

The business also recently announced a monthly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 15th will be paid a dividend of $0.023 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $0.28 annualized dividend and a yield of 23.00%.

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.

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