Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $7.70.

A number of research analysts have issued reports on GRNT shares. Stephens restated an “overweight” rating and set a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial lowered Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Granite Ridge Resources Trading Down 2.0 %

GRNT stock opened at $6.08 on Tuesday. Granite Ridge Resources has a 52 week low of $5.27 and a 52 week high of $7.10. The company has a market capitalization of $794.69 million, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The company’s 50-day simple moving average is $6.06 and its 200 day simple moving average is $6.20. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.24%. Granite Ridge Resources’s payout ratio is currently 314.29%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP increased its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after buying an additional 7,960 shares during the period. BNP Paribas Financial Markets bought a new stake in Granite Ridge Resources during the 4th quarter worth approximately $62,000. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources in the 4th quarter valued at approximately $68,000. One68 Global Capital LLC bought a new position in shares of Granite Ridge Resources during the fourth quarter valued at $71,000. Finally, Belvedere Trading LLC acquired a new position in Granite Ridge Resources during the 4th quarter worth about $75,000. 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.