Granite Oil Corp (TSE:GXO) Rating Lowered to Sector Perform at National Bank Financial

Granite Oil Corp (TSE:GXO) was downgraded by research analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Thursday. They presently have a C$4.50 price target on the stock, down from their prior price target of C$6.00. National Bank Financial’s target price suggests a potential upside of 0.22% from the company’s previous close.

Separately, Royal Bank Of Canada reduced their price target on shares of Granite Oil Corp from C$8.00 to C$6.00 in a report on Thursday, July 20th.

Granite Oil Corp (TSE GXO) traded down 9.58% on Thursday, hitting $4.06. 194,057 shares of the stock were exchanged. The stock’s market capitalization is $136.87 million. The company has a 50 day moving average of $4.62 and a 200 day moving average of $5.18. Granite Oil Corp has a one year low of $4.04 and a one year high of $7.35.

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In other Granite Oil Corp news, insider Henry Peter Hamm bought 6,700 shares of Granite Oil Corp stock in a transaction that occurred on Friday, July 7th. The stock was acquired at an average price of C$4.45 per share, for a total transaction of C$29,815.00. Insiders have purchased 11,000 shares of company stock valued at $47,444 in the last 90 days.

About Granite Oil Corp

Granite Oil Corp., formerly DeeThree Exploration Ltd., is a Canada-based oil producer based in Calgary, Alberta with lands and operations located in southern Alberta. The Company is engaged in the exploration for and exploitation, development and production of oil and natural gas. Its Alberta Bakken Properties are located in southern Alberta, approximately 70 kilometers south of Lethbridge.

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