Granite Ridge Resources (NYSE:GRNT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a strong sell rating in a report published on Monday morning,Zacks.com reports.

GRNT has been the topic of several other research reports. Stephens lowered their price objective on 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. Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $11.00.

Granite Ridge Resources Trading Down 6.0%

Shares of Granite Ridge Resources stock opened at $5.19 on Monday. The business has a fifty day simple moving average of $5.55 and a two-hundred day simple moving average of $5.16. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.72. The company has a market capitalization of $684.56 million, a price-to-earnings ratio of -20.76 and a beta of 0.26. 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 (NYSE:GRNT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The business had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Research analysts forecast that Granite Ridge Resources will post 0.53 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 8.5%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -176.00%.

Insider Activity

In related news, Director Matthew Reade Miller purchased 18,180 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the transaction, the director owned 1,350,213 shares of the company’s stock, valued at approximately $7,034,609.73. This trade represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Mccartney purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average price of $5.16 per share, for a total transaction of $25,800.00. Following the transaction, the director directly owned 136,143 shares of the company’s stock, valued at $702,497.88. This trade represents a 3.81% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 175,338 shares of company stock worth $940,192. Corporate insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares during the period. Vanguard Group Inc. increased its position in shares of Granite Ridge Resources by 6.7% in the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after purchasing an additional 448,066 shares during the period. American Century Companies Inc. increased its position in shares of Granite Ridge Resources by 12.9% in the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock worth $14,397,000 after purchasing an additional 303,059 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Granite Ridge Resources by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock worth $6,944,000 after purchasing an additional 95,810 shares during the period. Institutional investors 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.