Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) have earned an average rating of “Moderate Buy” from the five research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $10.00.

GRNT has been the subject of a number of recent analyst reports. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Northland Securities began coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective for the company.

Granite Ridge Resources Trading Up 0.1%

Shares of GRNT stock opened at $4.78 on Wednesday. The stock has a market capitalization of $629.82 million, a price-to-earnings ratio of -22.74 and a beta of 0.24. The company’s fifty day simple moving average is $4.88 and its two-hundred day simple moving average is $5.03. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. As a group, analysts anticipate that Granite Ridge Resources will post 0.43 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Friday, August 28th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend was Friday, August 28th. Granite Ridge Resources’s dividend payout ratio is -209.52%.

Insiders Place Their Bets

In other news, Director Matthew Miller bought 10,000 shares of the stock in a transaction on Friday, September 11th. The shares were acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the purchase, the director directly owned 1,974,292 shares of the company’s stock, valued at $9,930,688.76. This trade represents a 0.51% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald Kettler purchased 6,000 shares of the business’s stock in a transaction on Friday, September 4th. The stock was purchased at an average cost of $5.05 per share, with a total value of $30,300.00. Following the completion of the acquisition, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. This trade represents a 4.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 24,000 shares of company stock worth $120,800 in the last three months. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new position in Granite Ridge Resources during the second quarter worth about $302,000. Engineers Gate Manager LP bought a new position in Granite Ridge Resources in the 2nd quarter worth about $89,000. Integrated Wealth Concepts LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth about $25,000. Squarepoint Ops LLC purchased a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at about $1,329,000. Finally, Corient Private Wealth LP raised its holdings in shares of Granite Ridge Resources by 13.8% in the 2nd quarter. Corient Private Wealth LP now owns 33,450 shares of the company’s stock valued at $148,000 after acquiring an additional 4,058 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge’s asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.