Evercore ISI Trims Granite Ridge Resources (NYSE:GRNT) Target Price to $7.00

Granite Ridge Resources (NYSE:GRNT) had its price objective cut by Evercore ISI from $8.00 to $7.00 in a research report report published on Monday, Benzinga reports. They currently have an in-line rating on the stock.

Separately, Bank of America reiterated a neutral rating and set a $7.00 target price on shares of Granite Ridge Resources in a research report on Friday, June 14th.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock opened at $6.04 on Monday. The business has a 50-day moving average price of $6.30 and a two-hundred day moving average price of $6.42. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The company has a market cap of $789.69 million, a P/E ratio of 13.40, a PEG ratio of 1.64 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The business had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. During the same period in the prior year, the business earned $0.19 EPS. As a group, analysts anticipate that Granite Ridge Resources will post 0.55 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 7.28%. Granite Ridge Resources’s payout ratio is currently 97.78%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 4,938 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average cost of $6.50 per share, for a total transaction of $32,097.00. Following the acquisition, the director now directly owns 679,996 shares in the company, valued at $4,419,974. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 4,938 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $6.50 per share, for a total transaction of $32,097.00. Following the purchase, the director now owns 679,996 shares of the company’s stock, valued at approximately $4,419,974. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Tyler Farquharson acquired 5,000 shares of the company’s stock in a transaction on Monday, August 19th. The stock was acquired at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the purchase, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 30,433 shares of company stock valued at $189,581. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the stock. Georgetown University bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $15,818,000. Silvercrest Asset Management Group LLC lifted its stake in Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after acquiring an additional 406,500 shares in the last quarter. Denali Advisors LLC purchased a new position in Granite Ridge Resources during the 2nd quarter worth $802,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Granite Ridge Resources in the 1st quarter worth $186,000. Finally, Swiss National Bank raised its holdings in shares of Granite Ridge Resources by 11.6% in the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after purchasing an additional 6,900 shares during the last quarter. Institutional investors and hedge funds 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.