Granite Oil Corp Gaps Up; Strong Momentum for Buyers

 Granite Oil Corp Gaps Up; Strong Momentum for Buyers

The stock of Granite Oil Corp (TSE:GXO) gapped up by $0.21 today and has $5.56 target or 7.00% above today’s $5.20 share price. The 6 months technical chart setup indicates low risk for the $160.86 million company. The gap was reported on Nov, 30 by Barchart.com. If the $5.56 price target is reached, the company will be worth $11.26 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 219,833 shares traded hands or 20.11% up from the average. Granite Oil Corp (TSE:GXO) has declined 33.24% since April 26, 2016 and is downtrending. It has underperformed by 38.46% the S&P500.

Granite Oil Corp (TSE:GXO) Ratings Coverage

Out of 4 analysts covering Granite Oil (TSE:GXO), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $10.50 is the highest target while $6.50 is the lowest. The $8.39 average target is 61.35% above today’s ($5.2) stock price. Granite Oil has been the topic of 17 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 Closing of $16.5 Million Bought Deal Financing” on June 15, 2016, also Marketwired.com with their article: “Granite Oil Corp. Announces $15 Million Bought Deal Financing” published on May 26, 2016, Seekingalpha.com published: “Granite Oil Corp. Appears To Be A Bargain” on May 31, 2016. More interesting news about Granite Oil Corp (TSE:GXO) were released by: Marketwired.com and their article: “Granite Oil Corp. Announces 2015 Year End Reserves, Operational Update and …” published on March 14, 2016 as well as Business.Financialpost.com‘s news article titled: “Granite Oil Corp. exceeding dividend hike expectations” with publication date: November 05, 2015.

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 $160.86 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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