Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Now Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Granite Ridge Resources has a “Moderate Buy” consensus rating from five analysts, with an average 12-month price target of $10.00 versus the stock’s recent price of $4.62.
• Company insiders bought 24,000 shares worth approximately $120,800 over the past 90 days, while institutional investors own 31.56% of the stock.
• The company exceeded quarterly earnings and revenue estimates, reporting $0.09 in EPS and $149.27 million in revenue. It also pays a quarterly dividend of $0.11 per share, representing an annualized yield of about 9.5%.

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

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

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Ronald Kettler bought 6,000 shares of the stock in a transaction on Friday, September 4th. The shares were bought at an average price of $5.05 per share, with a total value of $30,300.00. Following the purchase, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Miller bought 10,000 shares of the company's stock in a transaction dated Friday, September 11th. The stock was acquired at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the acquisition, the director directly owned 1,974,292 shares in the company, valued at $9,930,688.76. This trade represents a 0.51% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 24,000 shares of company stock valued at $120,800. Company insiders own 8.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LP raised its stake in shares of Granite Ridge Resources by 13.8% in the 2nd quarter. Corient Private Wealth LP now owns 33,450 shares of the company's stock valued at $148,000 after acquiring an additional 4,058 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Granite Ridge Resources during the second quarter worth approximately $25,000. Royal Bank of Canada grew its holdings in Granite Ridge Resources by 180.6% during the first quarter. Royal Bank of Canada now owns 14,569 shares of the company's stock valued at $86,000 after purchasing an additional 9,377 shares during the last quarter. Independent Wealth Network Inc. grew its holdings in Granite Ridge Resources by 32.3% during the first quarter. Independent Wealth Network Inc. now owns 38,934 shares of the company's stock valued at $229,000 after purchasing an additional 9,508 shares during the last quarter. Finally, Zazove Associates LLC raised its position in shares of Granite Ridge Resources by 1.4% in the first quarter. Zazove Associates LLC now owns 692,956 shares of the company's stock valued at $4,068,000 after purchasing an additional 9,900 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Up 2.3%

Shares of Granite Ridge Resources stock opened at $4.62 on Wednesday. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.14. The firm has a market capitalization of $608.72 million, a PE ratio of -21.98 and a beta of 0.24. 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 stock's fifty day moving average is $4.88 and its 200-day moving average is $5.04.

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 analysts' consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Equities analysts anticipate that Granite Ridge Resources will post 0.43 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders 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 9.5%. Granite Ridge Resources's payout ratio is currently -209.52%.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge's asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.

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