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 note published on Tuesday morning,Zacks.com reports.

A number of other research analysts also recently weighed in on GRNT. Stephens cut their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.00.

Granite Ridge Resources Stock Down 2.3%

Granite Ridge Resources stock opened at $4.46 on Tuesday. The company has a market capitalization of $587.75 million, a P/E ratio of -17.82 and a beta of 0.19. The firm’s fifty day simple moving average is $5.20 and its 200-day simple moving average is $5.11. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The business had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Sell-side analysts forecast that Granite Ridge Resources will post 0.47 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a yield of 9.9%. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler purchased 6,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the acquisition, the chief financial officer directly owned 129,276 shares in the company, valued at $656,722.08. This represents a 4.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Griffin Perry acquired 100,000 shares of the stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the purchase, the director owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. The trade was a 9.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 148,780 shares of company stock valued at $798,208 in the last three months. 8.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds have recently made changes to their positions in GRNT. First Horizon Corp bought a new position in Granite Ridge Resources during the fourth quarter valued at about $35,000. Osaic Holdings Inc. lifted its position in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC bought a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $52,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the period. 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.