Brokerages Set Granite Ridge Resources, Inc. (NYSE:GRNT) Price Target at $10.00

Granite Ridge Resources, Inc. (NYSE:GRNT) has been given a consensus rating of “Moderate Buy” by the five brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $10.00.

Several brokerages have recently issued reports on GRNT. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. Stephens reduced their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 10,600 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the acquisition, the chief financial officer owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. The trade was a 4.87% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 19,600 shares of company stock valued at $95,830 in the last quarter. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Granite Ridge Resources in the 2nd quarter worth approximately $21,910,000. Bank of America Corp DE raised its holdings in Granite Ridge Resources by 5,859.1% during 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 acquiring an additional 4,449,582 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources during the 1st quarter valued at $6,624,000. Bank of New York Mellon Corp bought a new stake in Granite Ridge Resources during the 2nd quarter valued at $4,162,000. Finally, Zazove Associates LLC purchased a new stake in shares of Granite Ridge Resources during the fourth quarter worth $3,210,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

GRNT opened at $5.04 on Tuesday. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The firm has a 50-day moving average of $4.72 and a 200 day moving average of $5.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $664.12 million, a P/E ratio of -23.98 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. On average, research analysts expect that Granite Ridge Resources will post 0.43 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

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.