Granite Ridge Resources (NYSE:GRNT) Raised to Hold at Zacks Research

Granite Ridge Resources (NYSE:GRNT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on GRNT. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday. Stephens decreased their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Northland Securities began coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price for the company. Freedom Capital raised Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.00.

Granite Ridge Resources Stock Down 1.4%

Granite Ridge Resources stock opened at $5.11 on Thursday. The company has a market capitalization of $674.01 million, a PE ratio of -24.33 and a beta of 0.20. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The firm has a 50 day moving average price of $4.72 and a 200 day moving average price of $5.11.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The company had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. Research analysts expect that Granite Ridge Resources will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Ronald Kyle Kettler purchased 6,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were bought at an average price of $5.08 per share, for a total transaction of $30,480.00. Following the acquisition, the chief financial officer directly owned 129,276 shares in the company, valued at $656,722.08. This trade represents a 4.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Reade Miller purchased 10,600 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the acquisition, the director owned 1,360,813 shares in the company, valued at $6,463,861.75. This trade represents a 0.79% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 19,600 shares of company stock valued at $95,830. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently made changes to their positions in GRNT. Osaic Holdings Inc. grew its position in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after buying an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after acquiring an additional 4,635 shares in the last quarter. Private Advisor Group LLC purchased a new position in Granite Ridge Resources in the first quarter worth approximately $59,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Granite Ridge Resources in the second quarter worth approximately $47,000. 31.56% of the stock is owned by institutional investors and hedge funds.

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.