Granite Ridge Resources (NYSE:GRNT) Stock Rating Upgraded by Wall Street Zen

Wall Street Zen upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a buy rating in a report released on Thursday.

Other analysts also recently issued reports about the company. Capital One Financial downgraded Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Stephens restated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.33.

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $5.56 on Thursday. The company has a market capitalization of $728.45 million, a price-to-earnings ratio of 15.43, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a twelve month low of $4.52 and a twelve month high of $7.10. The stock has a fifty day simple moving average of $5.33 and a 200 day simple moving average of $5.94. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. Sell-side analysts expect that Granite Ridge Resources will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.92%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 488.89%.

Insider Buying and Selling at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 18,252 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were acquired at an average price of $5.55 per share, with a total value of $101,298.60. Following the completion of the transaction, the chief executive officer now owns 151,167 shares of the company’s stock, valued at $838,976.85. The trade was a 13.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have bought 19,814 shares of company stock valued at $110,071. 8.50% of the stock is currently owned by insiders.

Institutional Trading of Granite Ridge Resources

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company’s stock valued at $43,000 after acquiring an additional 6,375 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock worth $53,000 after purchasing an additional 6,017 shares in the last quarter. Quantbot Technologies LP boosted its position in shares of Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after purchasing an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Granite Ridge Resources during the 4th quarter worth about $62,000. Finally, Ieq Capital LLC bought a new position in shares of Granite Ridge Resources during the 1st quarter worth about $62,000. Institutional investors 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.