Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately bullish: Five analysts collectively rate Granite Ridge Resources “Moderate Buy,” with an average 12-month price target of $10.00 versus the reported share price of $5.08.
• The company exceeded quarterly expectations, reporting $0.09 EPS versus an $0.08 estimate and revenue of $149.27 million versus the $139.44 million consensus forecast.
• Granite Ridge announced a quarterly dividend of $0.11 per share, equivalent to an annualized 8.7% yield; insiders also purchased 14,000 shares worth $70,500 over the past 90 days.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) has earned an average recommendation of "Moderate Buy" from the five research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.00.

A number of research analysts have recently issued reports on GRNT shares. Northland Securities assumed coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price objective for the company. Zacks Research upgraded shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT opened at $5.08 on Friday. Granite Ridge Resources has a twelve month low of $4.18 and a twelve month high of $6.14. The stock's 50 day moving average is $4.88 and its 200-day moving average is $5.11. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $670.71 million, a price-to-earnings ratio of -24.21 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The business had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. Sell-side analysts forecast that Granite Ridge Resources will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources's dividend payout ratio (DPR) is currently -209.52%.

Insider Activity at Granite Ridge Resources

In related news, Director John McCartney purchased 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average price of $5.04 per share, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald Kettler purchased 6,000 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the completion of the transaction, the chief financial officer directly owned 135,276 shares in the company, valued at $683,143.80. The trade was a 4.64% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 14,000 shares of company stock worth $70,500. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Sherbrooke Park Advisers LLC grew its position in Granite Ridge Resources by 12.9% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company's stock worth $111,000 after purchasing an additional 2,357 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock worth $132,000 after buying an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock worth $152,000 after buying an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock worth $62,000 after buying an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Granite Ridge Resources by 15.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock worth $140,000 after buying an additional 3,550 shares during the last quarter. 31.56% of the stock is owned by 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.

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