Granite Ridge Resources, Inc. (NYSE:GRNT) Given Consensus Rating of “Moderate Buy” by Brokerages

Granite Ridge Resources, Inc. (NYSE:GRNT) has been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $10.00.

Several brokerages have commented on GRNT. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Northland Securities began coverage on 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.

Insider Activity

In other news, CFO Ronald Kettler acquired 6,000 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average cost of $5.05 per share, for a total transaction of $30,300.00. Following the purchase, the chief financial officer owned 135,276 shares of the company’s stock, valued at approximately $683,143.80. The trade was a 4.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John McCartney acquired 5,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. The trade was a 3.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 14,000 shares of company stock valued at $70,500. 8.60% of the stock is currently owned by insiders.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently modified their holdings of GRNT. Integrated Wealth Concepts LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth approximately $25,000. Osaic Holdings Inc. raised its holdings in Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Granite Ridge Resources during the second quarter worth $47,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Granite Ridge Resources during the second quarter worth $49,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Trading Down 0.3%

Shares of Granite Ridge Resources stock opened at $5.08 on Friday. The firm has a market cap of $670.71 million, a PE ratio of -24.21 and a beta of 0.21. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.14. 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 stock has a fifty day moving average price of $4.88 and a 200-day moving average price of $5.11.

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

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 8.7%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

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.