National Bank Financial Lowers Granite Oil Corp (TSE:GXO) to Sector Perform

National Bank Financial lowered shares of Granite Oil Corp (TSE:GXO) from an outperform rating to a sector perform rating in a research note published on Thursday morning. The firm currently has C$4.50 target price on the stock, down from their previous target price of C$6.00.

Separately, Royal Bank Of Canada decreased their price objective 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) opened at 3.87 on Thursday. The firm has a market cap of $133.21 million and a price-to-earnings ratio of 54.51. The firm has a 50-day moving average of $4.59 and a 200 day moving average of $5.16. Granite Oil Corp has a 1-year low of $3.85 and a 1-year high of $7.12.

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The business also recently disclosed a monthly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be issued a $0.035 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.42 annualized dividend and a dividend yield of 10.85%.

In related news, insider Henry Peter Hamm acquired 6,700 shares of the firm’s stock in a transaction on Friday, July 7th. The shares were purchased at an average cost of C$4.45 per share, for a total transaction of C$29,815.00. Over the last quarter, insiders acquired 14,000 shares of company stock worth $59,194.

Granite Oil Corp Company Profile

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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