Granite Ridge Resources (NYSE:GRNT) Stock Rating Upgraded by Zacks Research

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

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

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT opened at $5.03 on Monday. The stock’s 50-day moving average is $4.86 and its 200 day moving average is $5.12. The stock has a market cap of $660.59 million, a price-to-earnings ratio of 27.92, a P/E/G ratio of 2.61 and a beta of 0.34. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.72. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61.

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

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Great Lakes Advisors LLC bought a new stake in shares of Granite Ridge Resources during the 1st quarter valued at $113,000. Jane Street Group LLC bought a new position in Granite Ridge Resources in the 1st quarter worth $131,000. Savant Capital LLC purchased a new position in Granite Ridge Resources during the second quarter valued at $126,000. Campbell & CO Investment Adviser LLC bought a new stake in Granite Ridge Resources during the second quarter valued at about $659,000. Finally, Fidelis Capital Partners LLC bought a new stake in Granite Ridge Resources during the second quarter valued at about $71,000. 31.56% of the stock is 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.