Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Rating of “Moderate Buy” from Analysts

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned an average recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.00.

A number of research analysts have recently issued reports on GRNT shares. Northland Securities assumed coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective for the company. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT opened at $5.08 on Friday. Granite Ridge Resources has a twelve month low of $4.18 and a twelve month high of $6.14. The stock’s 50 day moving average is $4.88 and its 200-day moving average is $5.11. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $670.71 million, a price-to-earnings ratio of -24.21 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results 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 4.67%. The business had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Sell-side analysts forecast that Granite Ridge Resources will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -209.52%.

Insider Activity at Granite Ridge Resources

In related news, Director John McCartney purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average price of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the director owned 154,143 shares of the company’s stock, valued at $776,880.72. This represents a 3.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald Kettler purchased 6,000 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the completion of the transaction, the chief financial officer directly owned 135,276 shares in the company, valued at $683,143.80. The trade was a 4.64% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 14,000 shares of company stock worth $70,500. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Sherbrooke Park Advisers LLC grew its position in Granite Ridge Resources by 12.9% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after purchasing an additional 2,357 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after buying an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after buying an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Granite Ridge Resources by 15.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after buying an additional 3,550 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

About Granite Ridge Resources

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.