Granite Ridge Resources (NYSE:GRNT) Earns Outperform Rating from Analysts at Northland Securities

Equities research analysts at Northland Securities assumed coverage on shares of Granite Ridge Resources (NYSE:GRNT) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set an “outperform” rating and a $9.00 price target on the stock. Northland Securities’ price target would suggest a potential upside of 102.02% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 23rd. Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Stephens dropped 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. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $4.46 on Wednesday. The company has a market capitalization of $587.61 million, a P/E ratio of -17.82 and a beta of 0.21. The company’s 50-day simple moving average is $5.04 and its two-hundred day simple moving average is $5.06. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.20. 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 announced 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). The firm had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, equities analysts anticipate that Granite Ridge Resources will post 0.39 EPS for the current year.

Insider Buying and Selling

In related news, Director Griffin Perry purchased 100,000 shares of Granite Ridge Resources stock in a transaction dated Monday, May 18th. The stock was purchased at an average cost of $5.49 per share, with a total value of $549,000.00. Following the transaction, the director owned 1,163,903 shares in the company, valued at approximately $6,389,827.47. The trade was a 9.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were bought at an average price of $5.08 per share, with a total value of $30,480.00. Following the completion of the purchase, the chief financial officer directly owned 129,276 shares in the company, valued at $656,722.08. The trade was a 4.87% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 148,780 shares of company stock valued at $798,208. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Granite Ridge Resources during the 1st quarter valued at about $6,624,000. Zazove Associates LLC purchased a new stake in Granite Ridge Resources in the fourth quarter valued at about $3,210,000. Dimensional Fund Advisors LP raised its stake in Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after buying an additional 448,066 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Granite Ridge Resources by 115.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock worth $3,890,000 after acquiring an additional 442,900 shares during the last quarter. 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.