Granite Ridge Resources (NYSE:GRNT) Stock Price Up 6.6% After Analyst Upgrade

Granite Ridge Resources, Inc. (NYSE:GRNT) shares shot up 6.6% during trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $5.44 and last traded at $5.35. 553,316 shares traded hands during trading, a decline of 15% from the average session volume of 653,284 shares. The stock had previously closed at $5.02.

Separately, Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold”.

Institutional Trading of Granite Ridge Resources

Large investors have recently made changes to their positions in the stock. Great Lakes Advisors LLC acquired a new position in shares of Granite Ridge Resources during the 1st quarter valued at about $113,000. Jane Street Group LLC acquired a new position in Granite Ridge Resources during the first quarter valued at approximately $131,000. Savant Capital LLC bought a new position in shares of Granite Ridge Resources in the second quarter valued at approximately $126,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Granite Ridge Resources in the second quarter valued at approximately $659,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Granite Ridge Resources in the second quarter worth $71,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Trading Down 0.3%

The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average is $4.86 and its 200-day moving average is $5.12. The firm has a market capitalization of $657.96 million, a P/E ratio of 27.84, a P/E/G ratio of 2.61 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). The firm had revenue of $105.49 million during the quarter, compared to the consensus estimate of $120.76 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%. As a group, sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.8%. The ex-dividend date of this dividend is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 244.44%.

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.