Granite Ridge Resources (NYSE:GRNT) Downgraded by Wall Street Zen to Sell

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

Other equities research analysts also recently issued research reports about the stock. Stephens cut their price objective 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. Zacks Research downgraded Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Northland Securities began coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target for the company. Finally, Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.00.

Granite Ridge Resources Stock Performance

GRNT opened at $4.75 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market cap of $627.18 million, a price-to-earnings ratio of -19.02 and a beta of 0.21. The company’s 50 day moving average is $4.71 and its 200 day moving average is $5.07. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last announced 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). 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 analysts’ expectations of $126.68 million. On average, equities research analysts predict that Granite Ridge Resources will post 0.41 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date was Friday, May 29th. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Insider Activity

In other news, CEO Tyler Farquharson bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average price 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 approximately $1,775,426.45. This represents a 2.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Griffin Perry purchased 100,000 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were acquired at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the acquisition, the director owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 148,780 shares of company stock valued at $798,208. 8.60% of the stock is currently owned by company insiders.

Institutional Trading of Granite Ridge Resources

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