Granite Ridge Resources (NYSE:GRNT) Raised to Strong-Buy at Freedom Capital

Granite Ridge Resources (NYSE:GRNT) was upgraded by research analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Sunday,Zacks.com reports.

A number of other equities analysts also recently weighed in on GRNT. Stephens cut their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Wall Street Zen raised shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. 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. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.00.

Granite Ridge Resources Stock Up 2.7%

GRNT stock opened at $5.25 on Friday. The stock’s fifty day simple moving average is $4.70 and its two-hundred day simple moving average is $5.10. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.14. The stock has a market cap of $692.48 million, a P/E ratio of -25.00 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The firm had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Analysts expect that Granite Ridge Resources will post 0.44 EPS for the current year.

Insider Buying and Selling at Granite Ridge Resources

In other news, CFO Ronald Kyle Kettler purchased 6,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average price of $5.08 per share, with a total value of $30,480.00. Following the transaction, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Reade Miller purchased 10,600 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were purchased at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the transaction, the director directly owned 1,360,813 shares in the company, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 23,600 shares of company stock worth $117,990. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its position in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of 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 during the period. First Horizon Corp bought a new stake in shares of Granite Ridge Resources in the fourth quarter valued at approximately $35,000. Tower Research Capital LLC TRC raised its position 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 valued at $58,000 after purchasing an additional 4,635 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in shares of Granite Ridge Resources during the 1st quarter valued at approximately $59,000. 31.56% of the stock is currently owned by institutional investors.

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.