TD Securities Thinks Granite Oil’s Stock is Going to Recover

By Carrie Williams

Granite Oil (TSX: GXO), the Materials sector company was revisited yesterday, and remains undervalued for at least one analyst on the street. The company received a Buy rating from TD Securities’ analyst Juan Jarrah, with a C$4.50 price target.

According to TipRanks.com, Jarrah is ranked #4194 out of 4702 analysts.

Currently, the analyst consensus on Granite Oil is Moderate Buy and the average price target is C$4.75, representing a 50.8% upside.

In a report issued on October 30, RBC Capital also reiterated a Buy rating on the stock with a C$6 price target.

Granite Oil’s market cap is currently C$107.6M and has a P/E ratio of 49.7.

Granite Oil Corp. is engaged in the exploration, development and production of natural gas and light crude oil. Its projects include Lethbridge, Brazeau and Peace River Arch. The company was founded on May 15, 2015 and is headquartered in Calgary, Canada.

The company’s shares closed on Monday at C$3.15, close to its 52-week low of C$3.11.