Granite Ridge Resources (NYSE:GRNT) Upgraded by Zacks Research to Hold Rating

Granite Ridge Resources (NYSE:GRNT) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on GRNT. Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Stephens dropped their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold” and an average price target of $11.00.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $4.46 on Tuesday. The stock has a market capitalization of $587.75 million, a P/E ratio of -17.82 and a beta of 0.19. The business has a 50 day simple moving average of $5.20 and a two-hundred day simple moving average of $5.11. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (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 firm had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. As a group, analysts predict that Granite Ridge Resources will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Tyler Farquharson purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $5.15 per share, with a total value of $51,500.00. Following the completion of the acquisition, the chief executive officer owned 344,743 shares in the company, valued at $1,775,426.45. This trade represents a 2.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, May 27th. The shares were bought at an average price of $5.08 per share, for a total transaction of $30,480.00. Following the transaction, the chief financial officer owned 129,276 shares of the company’s stock, valued at $656,722.08. This represents a 4.87% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 148,780 shares of company stock valued at $798,208. 8.40% of the stock is currently owned by company insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $35,000. Osaic Holdings Inc. grew its holdings in shares of Granite Ridge Resources by 264.2% in the second 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 period. EverSource Wealth Advisors LLC increased its position in Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares during the last quarter. OpenArc Corporate Advisory LLC acquired a new stake in Granite Ridge Resources during the fourth quarter worth about $52,000. Finally, Tower Research Capital LLC TRC raised its stake in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares during the period. 31.56% of the stock is owned by institutional investors and hedge funds.

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.