Granite Oil (TSE:GXO) Downgraded by TD Securities to Tender

TD Securities cut shares of Granite Oil (TSE:GXO) from a hold rating to a tender rating in a research note published on Tuesday, BayStreet.CA reports. TD Securities currently has C$0.95 price objective on the stock, up from their previous price objective of C$0.80.

Separately, National Bank Financial decreased their price objective on shares of Granite Oil from C$0.75 to C$0.60 and set a sector perform rating for the company in a research note on Friday, November 8th.

Shares of TSE GXO opened at C$0.94 on Tuesday. The company has a debt-to-equity ratio of 21.24, a current ratio of 0.12 and a quick ratio of 0.10. The company has a market cap of $36.06 million and a P/E ratio of 6.76. Granite Oil has a 1 year low of C$0.40 and a 1 year high of C$0.97. The firm has a 50-day simple moving average of C$0.62 and a two-hundred day simple moving average of C$0.58.

Granite Oil (TSE:GXO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported C$0.02 earnings per share (EPS) for the quarter. The firm had revenue of C$9.54 million during the quarter. As a group, equities research analysts expect that Granite Oil will post 0.09 EPS for the current year.

About Granite Oil

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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