Granite Ridge Resources (NYSE:GRNT) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a sell rating to a buy rating in a research note released on Sunday.

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

Granite Ridge Resources Trading Down 0.1%

NYSE:GRNT opened at $4.87 on Friday. The business’s 50-day moving average is $4.67 and its two-hundred day moving average is $5.08. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. 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 $642.75 million, a PE ratio of -23.20 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%.The company had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Research analysts predict that Granite Ridge Resources will post 0.41 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 9.0%. Granite Ridge Resources’s dividend payout ratio is presently -209.52%.

Insider Transactions at Granite Ridge Resources

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

Hedge Funds Weigh In On Granite Ridge Resources

A number of hedge funds have recently added to or reduced their stakes in GRNT. BlackRock Inc. acquired a new stake in shares of Granite Ridge Resources during the second quarter worth $21,910,000. Bank of America Corp DE boosted its holdings in shares of 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 buying an additional 4,449,582 shares during the period. Vanguard Group Inc. grew its position in shares of Granite Ridge Resources by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock valued at $24,197,000 after buying an additional 282,132 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 valued at $19,414,000 after buying an additional 448,066 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Granite Ridge Resources by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock worth $6,944,000 after acquiring an additional 95,810 shares during the period. 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.