Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Has Average Target Price of $10.00

Granite Ridge Resources, Inc. (NYSE:GRNT) has been assigned an average recommendation of “Moderate Buy” from the five analysts that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $10.00.

Several equities analysts have commented on the company. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Northland Securities assumed coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price on the stock.

Granite Ridge Resources Price Performance

GRNT stock opened at $4.78 on Wednesday. The stock has a market cap of $629.82 million, a price-to-earnings ratio of -22.74 and a beta of 0.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The company has a 50 day simple moving average of $4.88 and a 200 day simple moving average of $5.03. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results 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 company had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Research analysts anticipate that Granite Ridge Resources will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Friday, August 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 9.2%. Granite Ridge Resources’s payout ratio is currently -209.52%.

Insider Activity at Granite Ridge Resources

In related news, Director John McCartney bought 5,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were purchased at an average cost of $5.04 per share, with a total value of $25,200.00. Following the acquisition, the director owned 154,143 shares of the company’s stock, valued at $776,880.72. This represents a 3.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Miller purchased 10,000 shares of Granite Ridge Resources stock in a transaction on Friday, September 11th. The stock was bought at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the transaction, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 24,000 shares of company stock worth $120,800 over the last three months. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LP increased its position in shares of Granite Ridge Resources by 13.8% during the second quarter. Corient Private Wealth LP now owns 33,450 shares of the company’s stock worth $148,000 after buying an additional 4,058 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Granite Ridge Resources in the second quarter valued at $25,000. Royal Bank of Canada boosted its position in Granite Ridge Resources by 180.6% during the first 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 last quarter. Independent Wealth Network Inc. grew its holdings in Granite Ridge Resources by 32.3% during the 1st quarter. Independent Wealth Network Inc. now owns 38,934 shares of the company’s stock worth $229,000 after acquiring an additional 9,508 shares during the period. Finally, Zazove Associates LLC grew its holdings in Granite Ridge Resources by 1.4% during the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after acquiring an additional 9,900 shares during the period. 31.56% of the stock is currently owned by institutional investors.

About Granite Ridge Resources

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge’s asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.