Granite Ridge Resources (NYSE:GRNT) Downgraded by Wall Street Zen to Buy

Key Points

• Wall Street Zen downgraded Granite Ridge Resources from “strong buy” to “buy.” Across analysts, the stock has a “Moderate Buy” consensus rating and an average price target of $9.67.
• Granite Ridge reported quarterly EPS of $0.17, beating the $0.14 consensus estimate, and revenue of $177.21 million versus expectations of $156.24 million.
• Shares fell 3% to $6.29 in Friday mid-day trading. Company directors bought a combined 21,000 shares worth $105,800 over the past 90 days.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

A number of other research firms have also commented on GRNT. Northland Securities set a $11.00 price target on Granite Ridge Resources in a research report on Tuesday, October 20th. Freedom Broker lowered Granite Ridge Resources from a "buy" rating to a "hold" rating and set a $7.00 price objective for the company. in a research report on Friday. Freedom Capital upgraded Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $9.67.

Granite Ridge Resources Trading Down 3.0%

GRNT traded down $0.20 during mid-day trading on Friday, hitting $6.29. The stock had a trading volume of 1,855,588 shares, compared to its average volume of 1,612,788. The stock's fifty day simple moving average is $5.14 and its 200-day simple moving average is $5.11. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $830.63 million, a price-to-earnings ratio of -15.74 and a beta of 0.19. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.53.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. The business had revenue of $177.21 million for the quarter, compared to the consensus estimate of $156.24 million. Granite Ridge Resources had a positive return on equity of 6.82% and a negative net margin of 9.31%. As a group, research analysts forecast that Granite Ridge Resources will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Miller acquired 10,000 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the acquisition, the director owned 1,974,292 shares in the company, valued at $9,930,688.76. This represents a 0.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John McCartney acquired 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were purchased at an average price of $5.04 per share, with a total value of $25,200.00. Following the completion of the acquisition, the director owned 154,143 shares of the company's stock, valued at $776,880.72. This represents a 3.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 21,000 shares of company stock valued at $105,800 in the last 90 days. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently bought and sold shares of GRNT. BlackRock Inc. bought a new position in shares of Granite Ridge Resources during the 2nd quarter worth approximately $21,910,000. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources in the first quarter worth $6,624,000. Bank of New York Mellon Corp boosted its holdings in Granite Ridge Resources by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company's stock worth $5,575,000 after purchasing an additional 12,089 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its holdings in Granite Ridge Resources by 15.9% during the third quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company's stock worth $4,585,000 after purchasing an additional 144,933 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.

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.

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