Granite Ridge Resources (NYSE:GRNT) Stock Price Up 6.6% After Analyst Upgrade

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price rose 6.6% during trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $5.44 and last traded at $5.35. Approximately 553,316 shares traded hands during trading, a decline of 15% from the average daily volume of 653,284 shares. The stock had previously closed at $5.02.

Separately, Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Great Lakes Advisors LLC bought a new stake in Granite Ridge Resources during the first quarter valued at approximately $113,000. Jane Street Group LLC purchased a new stake in Granite Ridge Resources during the first quarter valued at approximately $131,000. Savant Capital LLC bought a new position in Granite Ridge Resources in the second quarter worth approximately $126,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Granite Ridge Resources during the 2nd quarter worth $659,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Granite Ridge Resources during the 2nd quarter worth $71,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Down 1.2%

The company’s 50 day moving average price is $4.86 and its two-hundred day moving average price is $5.12. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The firm has a market cap of $652.30 million, a PE ratio of 27.47, a PEG ratio of 2.61 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The company had revenue of $105.49 million during the quarter, compared to analysts’ expectations of $120.76 million. On average, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a $0.11 dividend. The ex-dividend date is Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a yield of 8.9%. Granite Ridge Resources’s dividend payout ratio is presently 244.44%.

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.