Granite Ridge Resources (NYSE:GRNT) Stock Rating Upgraded by Zacks Research

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

Several other analysts also recently commented on the company. Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Stephens dropped their target price 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. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Granite Ridge Resources Stock Down 2.3%

Shares of NYSE:GRNT opened at $4.46 on Tuesday. The stock has a market cap of $587.75 million, a P/E ratio of -17.82 and a beta of 0.19. The firm has a fifty day moving average price of $5.20 and a 200 day moving average price of $5.11. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The business had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Sell-side analysts predict that Granite Ridge Resources will post 0.47 EPS for the current year.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Tyler Farquharson purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the purchase, the chief executive officer directly owned 344,743 shares in the company, valued at $1,775,426.45. This represents a 2.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald Kyle Kettler bought 6,000 shares of the firm’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 completion of the transaction, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 148,780 shares of company stock valued at $798,208. Corporate insiders own 8.40% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zazove Associates LLC boosted its holdings in Granite Ridge Resources by 1.4% during the first quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after buying an additional 9,900 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Granite Ridge Resources by 180.6% during the 1st quarter. Royal Bank of Canada now owns 14,569 shares of the company’s stock valued at $86,000 after acquiring an additional 9,377 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Granite Ridge Resources by 55.1% during the 1st quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock worth $472,000 after acquiring an additional 28,546 shares in the last quarter. Renaissance Technologies LLC boosted its stake 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Granite Ridge Resources in the 1st quarter worth approximately $6,624,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.