Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Granite Ridge Resources, Inc. (NYSE:GRNT) has received an average rating of “Moderate Buy” from the five analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $10.00.

A number of research analysts have issued reports on the company. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Northland Securities initiated 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 target on the stock. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th.

Insiders Place Their Bets

In related news, Director John McCartney bought 5,000 shares of Granite Ridge Resources stock in a transaction dated Tuesday, September 1st. The shares were bought at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Matthew Miller purchased 10,000 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were bought at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the purchase, the director directly owned 1,974,292 shares of the company’s stock, valued at $9,930,688.76. The trade was a 0.51% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 24,000 shares of company stock valued at $120,800 in the last 90 days. 8.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in Granite Ridge Resources in the second quarter valued at approximately $25,000. Private Advisor Group LLC bought a new position in Granite Ridge Resources during the first quarter worth about $59,000. Susquehanna Fundamental Investments LLC bought a new position in Granite Ridge Resources during the second quarter worth about $47,000. Jefferies Financial Group Inc. acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $49,000. Finally, Caxton Associates LLP bought a new stake in shares of Granite Ridge Resources in the 1st quarter valued at about $66,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Stock Down 1.1%

Shares of GRNT opened at $4.88 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $4.93 and a two-hundred day moving average price of $5.11. The stock has a market cap of $644.33 million, a price-to-earnings ratio of -23.26 and a beta of 0.21. 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 posted its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate 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 business had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Equities analysts predict that Granite Ridge Resources will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a yield of 9.0%. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.