Granite Ridge Resources (NYSE:GRNT) Raised to “Buy” at Wall Street Zen

Granite Ridge Resources (NYSE:GRNT) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “buy” rating in a research note issued to investors on Sunday.

Several other equities research analysts have also commented on GRNT. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Northland Securities initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective on the stock. Stephens dropped their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings cut shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.00.

Granite Ridge Resources Stock Performance

Shares of GRNT stock opened at $5.06 on Friday. The company has a market capitalization of $667.41 million, a P/E ratio of -24.10 and a beta of 0.20. The business’s 50 day moving average is $4.68 and its two-hundred day moving average is $5.08. 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 12-month low of $4.18 and a 12-month high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%.The business had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Analysts expect that Granite Ridge Resources will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Ronald Kyle Kettler bought 6,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the acquisition, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. This trade represents a 4.87% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller purchased 10,600 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was bought at an average price of $4.75 per share, with a total value of $50,350.00. Following the completion of the transaction, the director directly owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 148,780 shares of company stock worth $798,208 in the last 90 days. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after buying an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Granite Ridge Resources in the first quarter valued at about $6,624,000. First Trust Advisors LP boosted its stake in Granite Ridge Resources by 47.1% during the first quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock worth $2,152,000 after buying an additional 117,451 shares during the period. Zazove Associates LLC boosted its stake in Granite Ridge Resources by 1.4% during the first quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after buying an additional 9,900 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Granite Ridge Resources by 184.7% during the first quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock worth $383,000 after buying an additional 42,300 shares during the period. Institutional investors and hedge funds 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.