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

Granite Ridge Resources (NYSE:GRNT) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $5.03 on Monday. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.72. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.25. The stock has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $5.12. The firm has a market capitalization of $660.59 million, a P/E ratio of 27.92, a P/E/G ratio of 2.61 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The company had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. Equities analysts forecast that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Institutional Trading of Granite Ridge Resources

A number of institutional investors have recently modified their holdings of the business. Great Lakes Advisors LLC purchased a new stake in shares of Granite Ridge Resources during the first quarter worth $113,000. Jane Street Group LLC purchased a new stake in Granite Ridge Resources during the 1st quarter worth about $131,000. Savant Capital LLC purchased a new stake in Granite Ridge Resources during the 2nd quarter worth about $126,000. Campbell & CO Investment Adviser LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth about $659,000. Finally, Fidelis Capital Partners LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth about $71,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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.