Granite Ridge Resources (NYSE:GRNT) Stock Bumped Down to Hold by Freedom Broker

Granite Ridge Resources (NYSE:GRNT) was downgraded by research analysts at Freedom Broker from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Briefing.com reports. They presently have a $7.00 price objective on the stock. Freedom Broker‘s price objective points to a potential upside of 7.78% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities set a $11.00 price objective on Granite Ridge Resources in a research report on Tuesday, October 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Finally, Wall Street Zen raised Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Granite Ridge Resources has a consensus rating of “Moderate Buy” and an average price target of $9.67.

Granite Ridge Resources Stock Up 3.6%

Shares of Granite Ridge Resources stock opened at $6.50 on Friday. The firm’s 50 day moving average price is $5.11 and its 200-day moving average price is $5.10. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. Granite Ridge Resources has a 52-week low of $4.18 and a 52-week high of $6.54. The company has a market cap of $857.02 million, a P/E ratio of -16.24 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, November 5th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. The company had revenue of $177.21 million during the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a negative net margin of 9.31% and a positive return on equity of 6.82%. On average, sell-side analysts predict that Granite Ridge Resources will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Ronald Kettler purchased 6,000 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was acquired at an average price of $5.05 per share, with a total value of $30,300.00. Following the completion of the acquisition, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. This represents a 4.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John McCartney purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was bought at an average cost of $5.04 per share, with a total value of $25,200.00. Following the acquisition, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. The trade was a 3.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 21,000 shares of company stock worth $105,800 in the last three months. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Granite Ridge Resources during the 2nd quarter valued at about $21,910,000. Dimensional Fund Advisors LP boosted its position 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. Arrowstreet Capital Limited Partnership purchased a new stake in Granite Ridge Resources in the first quarter valued at approximately $6,624,000. Bank of New York Mellon Corp boosted its position in Granite Ridge Resources by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock valued at $5,575,000 after buying an additional 12,089 shares during the last quarter. Finally, CWA Asset Management Group LLC increased its holdings in Granite Ridge Resources by 15.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after buying an additional 144,933 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. is an independent energy company that acquires, develops and produces oil and natural gas properties in the United States. Its portfolio is primarily made up of non-operated interests, with third-party companies managing day-to-day field operations. The company’s assets provide exposure to several U.S. producing regions, including the Permian, Bakken, Eagle Ford and DJ basins. Its production includes crude oil, natural gas and natural gas liquids. Granite Ridge became a publicly traded company in 2022 through a business combination with Executive Network Partnering Corporation.