Granite Ridge Resources (NYSE:GRNT) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks.com reports.

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

Granite Ridge Resources Stock Down 5.5%

GRNT opened at $5.03 on Monday. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The firm has a market capitalization of $660.59 million, a P/E ratio of 27.92, a PEG ratio of 2.61 and a beta of 0.34. The company’s 50-day moving average is $4.86 and its 200 day moving average is $5.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 1.41.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. The firm had revenue of $105.49 million during the quarter, compared to analysts’ expectations of $120.76 million. Research analysts expect that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.11 dividend. The ex-dividend date is Friday, February 27th. This represents a $0.44 annualized dividend and a dividend yield of 8.8%. Granite Ridge Resources’s payout ratio is presently 244.44%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sfmg LLC boosted its position in Granite Ridge Resources by 28.1% during the second quarter. Sfmg LLC now owns 310,606 shares of the company’s stock worth $1,979,000 after purchasing an additional 68,112 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Granite Ridge Resources during the 2nd quarter valued at approximately $659,000. American Century Companies Inc. boosted its holdings in Granite Ridge Resources by 4.8% in the 2nd quarter. American Century Companies Inc. now owns 2,358,039 shares of the company’s stock worth $15,021,000 after buying an additional 108,049 shares during the period. Prudential Financial Inc. purchased a new position in Granite Ridge Resources in the 2nd quarter valued at approximately $657,000. Finally, Fidelis Capital Partners LLC bought a new stake in Granite Ridge Resources during the 2nd quarter valued at $71,000. Institutional investors 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.