Granite Ridge Resources, Inc. (NYSE:GRNT) Given Average Rating of “Hold” by Brokerages

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned an average rating of “Hold” from the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $10.00.

Several equities analysts have weighed in on GRNT shares. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Northland Securities initiated coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target on the stock. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd.

Granite Ridge Resources Trading Up 2.7%

Shares of GRNT stock opened at $5.25 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. Granite Ridge Resources has a twelve month low of $4.18 and a twelve month high of $6.14. The company’s 50-day moving average price is $4.70 and its 200-day moving average price is $5.10. The stock has a market cap of $692.48 million, a price-to-earnings ratio of -25.00 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. As a group, equities analysts predict that Granite Ridge Resources will post 0.44 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.4%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s payout ratio is -209.52%.

Insider Activity at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 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, with a total value of $50,350.00. Following the completion of the transaction, the director directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was purchased at an average cost of $5.08 per share, with a total value of $30,480.00. Following the completion of the purchase, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 23,600 shares of company stock valued at $117,990 in the last quarter. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Great Lakes Advisors LLC purchased a new stake in Granite Ridge Resources during the 1st quarter worth approximately $113,000. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources in the first quarter valued at $131,000. Creative Planning purchased a new position in Granite Ridge Resources in the second quarter valued at $225,000. JPMorgan Chase & Co. grew its stake in Granite Ridge Resources by 1,115.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock worth $1,989,000 after purchasing an additional 286,556 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Granite Ridge Resources by 2,610.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock valued at $92,000 after purchasing an additional 13,864 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.