Granite Ridge Resources (NYSE:GRNT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a sell rating to a buy rating in a report issued on Sunday.

A number of other analysts have also recently commented on the stock. Northland Securities began coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price for the company. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Stephens lowered their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Finally, Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $5.18 on Friday. The firm has a market cap of $683.90 million, a PE ratio of -24.69 and a beta of 0.20. The firm has a fifty day moving average of $4.68 and a 200 day moving average of $5.09. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.60%. The business had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. As a group, research analysts predict that Granite Ridge Resources will post 0.44 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a $0.11 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.5%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -209.52%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler bought 6,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, May 27th. The stock was acquired at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the transaction, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Reade Miller purchased 10,600 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 120,600 shares of company stock valued at $651,990 in the last 90 days. 8.60% of the stock is owned by insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after buying an additional 448,066 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Granite Ridge Resources in the 1st quarter worth $6,624,000. First Trust Advisors LP increased its stake in shares of Granite Ridge Resources by 47.1% in the 1st quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock worth $2,152,000 after acquiring an additional 117,451 shares during the last quarter. Zazove Associates LLC increased its stake in shares of Granite Ridge Resources by 1.4% in the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after acquiring an additional 9,900 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Granite Ridge Resources by 184.7% during the 1st quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock worth $383,000 after acquiring an additional 42,300 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.