Royal Bank Of Canada Lowers Granite Oil Corp (GXO) Price Target to C$5.00

Granite Oil Corp (TSE:GXO) had its price target lowered by investment analysts at Royal Bank Of Canada from C$6.00 to C$5.00 in a report released on Monday. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 67.79% from the stock’s current price.

Several other research firms also recently weighed in on GXO. National Bank Financial downgraded Granite Oil Corp from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from C$6.00 to C$4.50 in a report on Thursday, August 10th. Raymond James Financial, Inc. downgraded Granite Oil Corp from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from C$8.75 to C$8.50 in a report on Thursday, August 10th. Finally, TD Securities decreased their price objective on Granite Oil Corp from C$5.50 to C$4.50 in a report on Monday.

Shares of Granite Oil Corp (GXO) opened at C$2.98 on Monday. Granite Oil Corp has a fifty-two week low of C$2.91 and a fifty-two week high of C$6.28.

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In related news, Director Bradley Blair Porter purchased 8,400 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was acquired at an average price of C$3.69 per share, for a total transaction of C$30,996.00. Insiders have sold 7,500 shares of company stock valued at $28,140 in the last 90 days.

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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