Granite Ridge Resources (NYSE:GRNT) Coverage Initiated by Analysts at Evercore ISI

Equities researchers at Evercore ISI initiated coverage on shares of Granite Ridge Resources (NYSE:GRNT) in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage set an “in-line” rating and a $8.00 price target on the stock. Evercore ISI’s target price would suggest a potential upside of 20.66% from the stock’s previous close.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $6.63 on Monday. The firm has a market cap of $864.88 million, a P/E ratio of 10.87 and a beta of 0.21. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.16. Granite Ridge Resources has a 1-year low of $5.00 and a 1-year high of $8.14. The business’s 50 day moving average is $6.38 and its 200-day moving average is $6.08.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $106.80 million for the quarter. Granite Ridge Resources had a return on equity of 16.35% and a net margin of 20.58%. During the same quarter last year, the business posted $0.38 EPS. Equities research analysts predict that Granite Ridge Resources will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Tyler Farquharson purchased 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $6.20 per share, with a total value of $31,000.00. Following the completion of the transaction, the chief financial officer now directly owns 68,037 shares of the company’s stock, valued at approximately $421,829.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 9,250 shares of company stock valued at $57,190 over the last 90 days. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its holdings in shares of Granite Ridge Resources by 24,400.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after purchasing an additional 4,880 shares in the last quarter. Barclays PLC boosted its holdings in shares of Granite Ridge Resources by 86.7% in the 3rd quarter. Barclays PLC now owns 9,754 shares of the company’s stock valued at $59,000 after purchasing an additional 4,529 shares in the last quarter. Independent Wealth Network Inc. acquired a new stake in shares of Granite Ridge Resources in the 4th quarter valued at $74,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Granite Ridge Resources in the 4th quarter valued at $79,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Granite Ridge Resources in the 4th quarter valued at $93,000. 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.