Granite Ridge Resources (NYSE:GRNT) Raised to Strong-Buy at Freedom Capital

Granite Ridge Resources (NYSE:GRNT) was upgraded by equities research analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Sunday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Northland Securities began coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price for the company. Stephens lowered 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. Zacks Research downgraded Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Finally, Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Trading Up 2.7%

NYSE GRNT opened at $5.25 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.14. The business has a 50 day moving average price of $4.70 and a 200-day moving average price of $5.10. The company has a market cap of $692.48 million, a price-to-earnings ratio of -25.00 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The company had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. As a group, equities analysts expect that Granite Ridge Resources will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Matthew Reade Miller acquired 10,600 shares of Granite Ridge Resources stock in a transaction on Tuesday, June 9th. The stock was acquired at an average cost of $4.75 per share, with a total value of $50,350.00. Following the transaction, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was purchased at an average price of $5.08 per share, with a total value of $30,480.00. Following the purchase, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. The trade was a 4.87% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 23,600 shares of company stock worth $117,990. 8.60% of the stock is owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jefferies Financial Group Inc. purchased a new position in Granite Ridge Resources in the second quarter worth $49,000. Public Employees Retirement System of Ohio purchased a new position in shares of Granite Ridge Resources in the 2nd quarter worth about $295,000. Corient Private Wealth LP bought a new position in Granite Ridge Resources during the second quarter valued at about $138,000. Ausdal Financial Partners Inc. bought a new position in Granite Ridge Resources during the second quarter valued at about $164,000. Finally, Bank of America Corp DE purchased a new stake in Granite Ridge Resources during the second quarter worth about $421,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.