The stock of Granite Oil Corp (TSE:GXO) gapped up by $0.01 today and has $11.01 target or 85.00% above today’s $5.95 share price. The 6 months technical chart setup indicates low risk for the $202.40 million company. The gap was reported on Oct, 19 by Barchart.com. If the $11.01 price target is reached, the company will be worth $172.04 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 72,820 shares traded hands. Granite Oil Corp (TSE:GXO) has declined 18.03% since March 14, 2016 and is downtrending. It has underperformed by 23.57% the S&P500.
Granite Oil Corp (TSE:GXO) Ratings Coverage
Out of 3 analysts covering Granite Oil (TSE:GXO), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Granite Oil has been the topic of 14 analyst reports since July 21, 2015 according to StockzIntelligence Inc.
More notable recent Granite Oil Corp (TSE:GXO) news were published by: Marketwired.com which released: “Granite Oil Corp. Announces Drilling Update” on September 06, 2016, also Marketwired.com with their article: “Granite Oil Corp. Announces 2016 Budget and Guidance Update” published on June 16, 2016, Marketwired.com published: “Granite Oil Corp. Announces Second Quarter Results and Monthly Dividend for …” on August 11, 2016. More interesting news about Granite Oil Corp (TSE:GXO) were released by: Marketwired.com and their article: “Granite Oil Corp. Announces Closing of $16.5 Million Bought Deal Financing” published on June 15, 2016 as well as Marketwired.com‘s news article titled: “Granite Oil Corp. Announces 2015 Year End Reserves, Operational Update and …” with publication date: March 14, 2016.
Granite Oil Corp., formerly DeeThree Exploration Ltd., is a Canada oil producer based in Calgary, Alberta with lands and activities located in southern Alberta. The company has a market cap of $202.40 million. The Firm is engaged in the exploration for and exploitation, development and production of oil and natural gas. It currently has negative earnings. The Company’s Alberta Bakken Properties are located in southern Alberta, approximately 70 kilometers south of Lethbridge.
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