Granite Ridge Resources (NYSE:GRNT) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a strong-buy rating in a research report sent to investors on Sunday,Zacks.com reports.

Several other research firms also recently issued reports on GRNT. Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Northland Securities assumed coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price objective on the stock. Finally, 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 report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Trading Up 2.7%

Shares of Granite Ridge Resources stock opened at $5.25 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.14. The firm has a market capitalization of $692.48 million, a price-to-earnings ratio of -25.00 and a beta of 0.20. The firm’s 50 day simple moving average is $4.70 and its two-hundred day simple moving average is $5.10.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $139.44 million. Analysts predict that Granite Ridge Resources will post 0.44 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.4%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

Insiders Place Their Bets

In other news, CFO Ronald Kyle Kettler purchased 6,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Reade Miller acquired 10,600 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average cost 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 in the company, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 23,600 shares of company stock valued at $117,990 in the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Granite Ridge Resources during the second quarter worth approximately $21,910,000. Bank of America Corp DE boosted its holdings in Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. increased its position in Granite Ridge Resources by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP increased its position in Granite Ridge Resources by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after purchasing an additional 448,066 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Granite Ridge Resources by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock worth $6,944,000 after buying an additional 95,810 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.