Granite Ridge Resources (NYSE:GRNT) Stock Rating Lowered by Wall Street Zen

Granite Ridge Resources (NYSE:GRNT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other analysts also recently commented on GRNT. Stephens decreased their price objective on shares of 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. Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Northland Securities initiated coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target for the company. Finally, Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Trading Up 0.1%

Granite Ridge Resources stock opened at $4.75 on Friday. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.14. The firm has a market capitalization of $627.18 million, a price-to-earnings ratio of -19.02 and a beta of 0.20. The firm has a 50 day moving average of $4.71 and a 200 day moving average of $5.07. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million for 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, research analysts predict that Granite Ridge Resources will post 0.41 earnings per share for the current year.

Insider Activity at Granite Ridge Resources

In related news, CEO Tyler Farquharson bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $5.15 per share, with a total value of $51,500.00. Following the completion of the purchase, the chief executive officer owned 344,743 shares of the company’s stock, valued at approximately $1,775,426.45. The trade was a 2.99% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Griffin Perry bought 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were bought at an average cost of $5.49 per share, with a total value of $549,000.00. Following the completion of the purchase, the director directly owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. This represents a 9.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 148,780 shares of company stock worth $798,208 over the last ninety days. 8.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its position in shares of Granite Ridge Resources by 794.7% during 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 in the last quarter. Zazove Associates LLC lifted its position in shares of Granite Ridge Resources by 1.4% in the first quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock worth $4,068,000 after buying an additional 9,900 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Granite Ridge Resources by 180.6% in 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 in the last quarter. Quantinno Capital Management LP boosted its stake in Granite Ridge Resources by 55.1% during the first quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock valued at $472,000 after buying an additional 28,546 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Granite Ridge Resources by 184.7% during the first quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock valued at $383,000 after buying an additional 42,300 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

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.