Shares of Granite Oil Corp (TSE:GXO) shot up 2% during mid-day trading on Tuesday . The company traded as high as C$3.03 and last traded at C$2.92. 368,148 shares were traded during trading, an increase of 256% from the average session volume of 103,460 shares. The stock had previously closed at C$2.98.

A number of brokerages recently issued reports on GXO. National Bank Financial lowered their price target on shares of Granite Oil from C$3.00 to C$2.75 and set a “sector perform” rating on the stock in a report on Monday, November 13th. Royal Bank of Canada lowered their price target on shares of Granite Oil from C$6.00 to C$5.00 and set an “outperform” rating on the stock in a report on Monday, November 13th. Finally, TD Securities lowered their price target on shares of Granite Oil from C$5.50 to C$4.50 in a report on Monday, November 13th.

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Granite Oil Company Profile

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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