Granite Ridge Resources (NYSE:GRNT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

GRNT has been the topic of several other reports. Stephens dropped their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Northland Securities began coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price for the company. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Stock Up 1.5%

NYSE:GRNT opened at $4.92 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $649.48 million, a price-to-earnings ratio of -19.70 and a beta of 0.21. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14. The stock has a 50-day simple moving average of $4.82 and a 200 day simple moving average of $5.06.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Sell-side analysts predict that Granite Ridge Resources will post 0.38 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.9%. The ex-dividend date was Friday, May 29th. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Insider Buying and Selling

In related news, Director Matthew Reade Miller bought 10,600 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director owned 1,360,813 shares of the company’s stock, valued at $6,463,861.75. This represents a 0.79% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ronald Kyle Kettler purchased 6,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $5.08 per share, with a total value of $30,480.00. Following the acquisition, the chief financial officer owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This trade represents a 4.87% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 148,780 shares of company stock valued at $798,208 over the last three months. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GRNT. Versant Capital Management Inc increased its stake in shares of Granite Ridge Resources by 794.7% in the second quarter. Versant Capital Management Inc now owns 27,475 shares of the company’s stock valued at $121,000 after purchasing an additional 24,404 shares during the period. Zazove Associates LLC raised its holdings in shares of Granite Ridge Resources by 1.4% during the first quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock valued at $4,068,000 after buying an additional 9,900 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Granite Ridge Resources by 180.6% during the first quarter. Royal Bank of Canada now owns 14,569 shares of the company’s stock worth $86,000 after buying an additional 9,377 shares during the period. Quantinno Capital Management LP boosted its position in shares of Granite Ridge Resources by 55.1% during the first quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock worth $472,000 after buying an additional 28,546 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Granite Ridge Resources by 184.7% in the 1st quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock worth $383,000 after buying an additional 42,300 shares in the last quarter. 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.