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

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

Several other research firms have also commented on GRNT. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Stephens reduced their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Northland Securities initiated coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $5.11 on Thursday. 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’s 50-day moving average is $4.72 and its two-hundred day moving average is $5.11. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14. The company has a market capitalization of $674.01 million, a PE ratio of -24.33 and a beta of 0.20.

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

Insider Buying and Selling at Granite Ridge Resources

In other news, CFO Ronald Kyle Kettler bought 6,000 shares of the firm’s stock in a transaction that occurred on 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 purchase, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. The trade was a 4.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Reade Miller bought 10,600 shares of the firm’s stock in a transaction that occurred on 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 purchase, the director owned 1,360,813 shares in the company, valued at $6,463,861.75. This represents a 0.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 19,600 shares of company stock worth $95,830 in the last quarter. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in Granite Ridge Resources by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after buying an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources in the first quarter worth $6,624,000. First Trust Advisors LP increased its position in shares of Granite Ridge Resources by 47.1% during the first quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock worth $2,152,000 after acquiring an additional 117,451 shares during the period. Virtus Advisers LLC purchased a new stake in shares of Granite Ridge Resources during the second quarter worth $113,000. Finally, Quantinno Capital Management LP raised its stake in shares of Granite Ridge Resources by 55.1% in the first quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock valued at $472,000 after acquiring an additional 28,546 shares in the last quarter. Institutional investors and hedge funds 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.