Granite Ridge Resources (NYSE:GRNT) Rating Lowered to “Hold” at Freedom Broker

Granite Ridge Resources (NYSE:GRNT) was downgraded by equities research analysts at Freedom Broker from a “buy” rating to a “hold” rating in a report issued on Friday, MarketBeat Ratings reports. They presently have a $7.00 price objective on the stock. Freedom Broker‘s price objective would suggest a potential upside of 11.20% from the company’s current price.

A number of other brokerages also recently issued reports on GRNT. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Wall Street Zen raised shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources has a consensus rating of “Moderate Buy” and a consensus price target of $9.67.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock traded down $0.20 during mid-day trading on Friday, hitting $6.29. The company had a trading volume of 1,855,588 shares, compared to its average volume of 1,612,788. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.79. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.53. The company’s fifty day moving average is $5.14 and its 200-day moving average is $5.11. The company has a market capitalization of $830.63 million, a price-to-earnings ratio of -15.74 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The business had revenue of $177.21 million for the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a negative net margin of 9.31% and a positive return on equity of 6.82%. Equities research analysts predict that Granite Ridge Resources will post 0.56 EPS for the current year.

Insider Activity at Granite Ridge Resources

In related news, Director Matthew Miller acquired 10,000 shares of Granite Ridge Resources stock in a transaction on Friday, September 11th. The stock was bought at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the transaction, the director owned 1,974,292 shares of the company’s stock, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John McCartney acquired 5,000 shares of the firm’s stock in a transaction on 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 acquisition, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. This represents a 3.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 21,000 shares of company stock valued at $105,800. 8.60% of the stock is owned by company insiders.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $21,910,000. Dimensional Fund Advisors LP boosted its holdings in Granite Ridge Resources by 15.7% in 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 during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Granite Ridge Resources during the 1st quarter worth approximately $6,624,000. CWA Asset Management Group LLC increased its stake in Granite Ridge Resources by 15.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after buying an additional 144,933 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Granite Ridge Resources by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock worth $5,575,000 after buying an additional 12,089 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc. is an independent energy company that acquires, develops and produces oil and natural gas properties in the United States. Its portfolio is primarily made up of non-operated interests, with third-party companies managing day-to-day field operations. The company’s assets provide exposure to several U.S. producing regions, including the Permian, Bakken, Eagle Ford and DJ basins. Its production includes crude oil, natural gas and natural gas liquids. Granite Ridge became a publicly traded company in 2022 through a business combination with Executive Network Partnering Corporation.