Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Has Consensus Target Price of $11.00

Key Points

• Analyst sentiment is moderately bullish: Five analysts have issued a consensus “Moderate Buy” rating for Granite Ridge Resources, with an average 12-month price target of $11.00 versus the reported share price of $5.72.
• Insiders and institutions have been active buyers: Company insiders purchased 24,000 shares worth $120,800 during the last quarter, while institutional investors own 31.56% of the stock.
• Quarterly results exceeded expectations, but profitability remains pressured: Granite Ridge reported $0.09 in quarterly EPS and $149.27 million in revenue, beating estimates, while maintaining a $0.11 quarterly dividend that equates to a 7.7% annualized yield.

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the five ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $11.00.

Several research analysts have commented on the stock. Zacks Research upgraded shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Freedom Capital upgraded shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Weiss Ratings reissued a "sell (d+)" rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Finally, Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th.

Insider Transactions at Granite Ridge Resources

In other news, Director Matthew Miller bought 10,000 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was purchased at an average price of $5.03 per share, with a total value of $50,300.00. Following the transaction, the director owned 1,974,292 shares of the company's stock, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John McCartney bought 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was purchased at an average price of $5.04 per share, with a total value of $25,200.00. Following the purchase, the director owned 154,143 shares in the company, valued at $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 24,000 shares of company stock valued at $120,800. Corporate insiders own 8.60% of the company's stock.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Granite Ridge Resources in the second quarter worth about $21,910,000. Dimensional Fund Advisors LP increased its stake in shares of Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock valued at $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Granite Ridge Resources during the first quarter valued at approximately $6,624,000. Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $5,575,000 after purchasing an additional 12,089 shares during the last quarter. Finally, CWA Asset Management Group LLC lifted its holdings in shares of 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 valued at $4,585,000 after purchasing an additional 144,933 shares during the last quarter. Institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $5.72 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. The company has a market cap of $754.47 million, a PE ratio of -27.24 and a beta of 0.24. The business has a 50 day moving average of $5.03 and a 200 day moving average of $5.06. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.14.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $149.27 million for the quarter, compared to analysts' expectations of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, equities research analysts forecast that Granite Ridge Resources will post 0.47 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.7%. Granite Ridge Resources's dividend payout ratio is -209.52%.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc NYSE: GRNT is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.

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