Granite Ridge Resources, Inc. (GRNT) – What Are Brokerages Saying About This Stock?

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned a consensus 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 given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $10.00.

Several research analysts have recently issued reports on the stock. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities began coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Finally, Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th.

Insider Activity at Granite Ridge Resources

In other news, Director Matthew Miller purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were acquired at an average cost of $5.03 per share, with a total value of $50,300.00. Following the purchase, the director owned 1,974,292 shares in the company, valued at $9,930,688.76. This represents a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John McCartney acquired 5,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the purchase, the director directly owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. This represents a 3.35% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 24,000 shares of company stock valued at $120,800 in the last three months. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds have recently modified their holdings of GRNT. WINTON GROUP Ltd purchased a new stake in Granite Ridge Resources during the second quarter worth about $302,000. Engineers Gate Manager LP bought a new position in shares of Granite Ridge Resources during the 2nd quarter worth $89,000. Integrated Wealth Concepts LLC bought a new position in shares of Granite Ridge Resources during the 2nd quarter worth $25,000. Squarepoint Ops LLC purchased a new stake in Granite Ridge Resources in the 2nd quarter worth about $1,329,000. Finally, Corient Private Wealth LP raised its stake in Granite Ridge Resources by 13.8% in the 2nd quarter. Corient Private Wealth LP now owns 33,450 shares of the company’s stock valued at $148,000 after acquiring an additional 4,058 shares during the period. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Up 5.5%

Shares of GRNT opened at $5.08 on Wednesday. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14. The company has a market cap of $669.39 million, a P/E ratio of -24.17 and a beta of 0.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a 50 day simple moving average of $4.89 and a two-hundred day simple moving average of $5.02.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Research analysts forecast that Granite Ridge Resources will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.7%. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

About Granite Ridge Resources

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge’s asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.