Granite Ridge Resources (NYSE:GRNT) Cut to “Strong Sell” at Zacks Research

Granite Ridge Resources (NYSE:GRNT) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Stephens decreased their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $11.00.

Granite Ridge Resources Price Performance

NYSE:GRNT opened at $5.19 on Monday. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.72. The firm has a market cap of $684.56 million, a price-to-earnings ratio of -20.76 and a beta of 0.26. The firm’s 50-day simple moving average is $5.55 and its 200 day simple moving average is $5.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The business had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. As a group, sell-side analysts predict that Granite Ridge Resources will post 0.53 earnings per share for the current year.

Insider Transactions at Granite Ridge Resources

In related news, Director John Mccartney purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $5.16 per share, with a total value of $25,800.00. Following the acquisition, the director owned 136,143 shares of the company’s stock, valued at $702,497.88. This trade represents a 3.81% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Reade Miller purchased 18,180 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the acquisition, the director directly owned 1,350,213 shares in the company, valued at $7,034,609.73. The trade was a 1.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 175,338 shares of company stock worth $940,192. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. grew its holdings in shares of 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 purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC grew 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 worth $36,000 after acquiring an additional 5,492 shares during the last quarter. First Horizon Corp bought a new stake in Granite Ridge Resources during the 4th quarter worth approximately $35,000. Tower Research Capital LLC TRC grew its holdings in Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after acquiring an additional 4,635 shares during the last quarter. Finally, Private Advisor Group LLC bought a new stake in Granite Ridge Resources during the 1st quarter worth approximately $59,000. 31.56% of the stock is owned by institutional investors.

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.