Granite Ridge Resources (NYSE:GRNT) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a sell rating in a research note published on Saturday morning.

Several other research analysts have also issued reports on GRNT. Stephens dropped their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price on the stock. Finally, Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $10.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $4.78 on Friday. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14. The company has a market capitalization of $629.82 million, a P/E ratio of -19.10 and a beta of 0.20. The stock has a 50 day moving average of $4.70 and a two-hundred day moving average of $5.07. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, equities analysts expect that Granite Ridge Resources will post 0.41 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 9.2%. The ex-dividend date was Friday, May 29th. Granite Ridge Resources’s payout ratio is -176.00%.

Insider Transactions at Granite Ridge Resources

In other news, CEO Tyler Farquharson acquired 10,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $5.15 per share, with a total value of $51,500.00. Following the acquisition, the chief executive officer owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This trade represents a 2.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller bought 18,180 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.21 per share, with a total value of $94,717.80. Following the transaction, the director directly owned 1,350,213 shares in the company, valued at approximately $7,034,609.73. The trade was a 1.36% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 148,780 shares of company stock valued at $798,208 over the last 90 days. 8.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds have recently modified their holdings of the business. First Horizon Corp bought a new position in shares of Granite Ridge Resources during the fourth quarter worth about $35,000. Osaic Holdings Inc. increased its position in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC bought a new stake in shares of Granite Ridge Resources during the 4th quarter worth approximately $52,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.