Granite Ridge Resources (NYSE:GRNT) Rating Increased to Hold at Zacks Research

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 Thursday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Stephens lowered their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Northland Securities began coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday. Finally, Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Granite Ridge Resources has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $5.11 on Thursday. The company has a market capitalization of $674.01 million, a PE ratio of -24.33 and a beta of 0.20. The company has a quick ratio of 1.02, a current 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 firm has a fifty day simple moving average of $4.72 and a 200 day simple moving average of $5.11.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. On average, sell-side analysts forecast that Granite Ridge Resources will post 0.43 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.6%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s payout ratio is -209.52%.

Insider Activity

In other news, CFO Ronald Kyle Kettler bought 6,000 shares of Granite Ridge Resources 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 purchase, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Reade Miller bought 10,600 shares of Granite Ridge Resources stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $4.75 per share, with a total value of $50,350.00. Following the completion of the purchase, the director 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 disclosure for this purchase is available in the SEC filing. Insiders have bought 19,600 shares of company stock worth $95,830 in the last quarter. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. Sherbrooke Park Advisers LLC grew its stake in Granite Ridge Resources by 12.9% in the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after acquiring an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after purchasing an additional 2,596 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after purchasing an additional 2,798 shares during the period. Wilmington Savings Fund Society FSB raised its position in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after purchasing an additional 3,010 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of Granite Ridge Resources by 15.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after purchasing an additional 3,550 shares in the last quarter. 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.