Granite Ridge Resources (NYSE:GRNT) Stock Rating Lowered by Zacks Research

Granite Ridge Resources (NYSE:GRNT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Stephens decreased 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 note on Friday, May 8th. Northland Securities initiated coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price on the stock. Finally, Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $10.00.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $4.92 on Wednesday. The company has a 50-day moving average of $4.82 and a two-hundred day moving average of $5.06. The stock has a market cap of $649.48 million, a price-to-earnings ratio of -19.70 and a beta of 0.21. 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 has a one year low of $4.18 and a one year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. On average, equities research analysts expect that Granite Ridge Resources will post 0.38 earnings per share for the current year.

Insider Activity at Granite Ridge Resources

In related news, CFO Ronald Kyle Kettler acquired 6,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average cost of $5.08 per share, with a total value of $30,480.00. Following the completion of the transaction, the chief financial officer owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This trade represents a 4.87% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Griffin Perry acquired 100,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the transaction, the director directly owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. This represents a 9.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 148,780 shares of company stock valued at $798,208 over the last ninety days. 8.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in shares of Granite Ridge Resources by 794.7% during the 2nd quarter. Versant Capital Management Inc now owns 27,475 shares of the company’s stock valued at $121,000 after acquiring an additional 24,404 shares in the last quarter. Zazove Associates LLC increased its stake in shares of Granite Ridge Resources by 1.4% in the first quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after acquiring an additional 9,900 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Granite Ridge Resources by 180.6% during the first quarter. Royal Bank of Canada now owns 14,569 shares of the company’s stock worth $86,000 after acquiring an additional 9,377 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Granite Ridge Resources by 55.1% during the first quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock worth $472,000 after acquiring an additional 28,546 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Granite Ridge Resources by 184.7% during the first quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock worth $383,000 after acquiring an additional 42,300 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.