Raymond James Reiterates “Outperform” Rating for Granite Oil (GXO)

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Raymond James reiterated their outperform rating on shares of Granite Oil (TSE:GXO) in a research note published on Friday morning, BayStreet.CA reports. Raymond James currently has a C$2.00 target price on the stock.

Several other research firms have also issued reports on GXO. National Bank Financial raised their price target on Granite Oil from C$0.90 to C$1.00 and gave the stock a sector perform rating in a research report on Thursday, May 9th. Cormark raised their price target on Granite Oil from C$1.10 to C$1.30 in a research report on Thursday, March 14th. Finally, TD Securities lowered Granite Oil from a speculative buy rating to a hold rating and reduced their price target for the stock from C$1.00 to C$0.90 in a research report on Monday, March 25th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Granite Oil has a consensus rating of Hold and an average target price of C$1.31.

Shares of GXO opened at C$0.92 on Friday. The firm has a market capitalization of $36.51 million and a price-to-earnings ratio of 46.00. The company has a debt-to-equity ratio of 24.14, a quick ratio of 0.06 and a current ratio of 0.13. Granite Oil has a 52 week low of C$0.43 and a 52 week high of C$3.41.

Granite Oil (TSE:GXO) last announced its quarterly earnings data on Thursday, March 21st. The company reported C$0.11 EPS for the quarter. The firm had revenue of C$5.88 million during the quarter. Analysts forecast that Granite Oil will post 0.05 EPS for the current year.

Granite Oil Company Profile

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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Analyst Recommendations for Granite Oil (TSE:GXO)

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