Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Average Rating of "Hold" from Brokerages

Key Points

• Analyst sentiment is mixed: Five brokerages give Granite Ridge Resources an average “Hold” rating, with a consensus 12-month price target of $10.00 versus the stock’s reported $5.25 price.
• Quarterly results beat expectations: The company reported earnings of $0.09 per share and revenue of $149.27 million, exceeding estimates of $0.08 and $139.44 million, respectively.
• Granite Ridge announced a high-yield dividend: The quarterly payment is $0.11 per share, or $0.44 annualized, representing an 8.4% yield; insiders also purchased 23,600 shares in the past 90 days.

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) have been given an average rating of "Hold" by the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $10.00.

Several equities analysts have issued reports on GRNT shares. Weiss Ratings downgraded shares of Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, May 22nd. Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research note on Sunday. Stephens cut their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Zacks Research downgraded Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Finally, Northland Securities assumed coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price target for the company.

Granite Ridge Resources Stock Up 2.7%

GRNT opened at $5.25 on Tuesday. The company has a fifty day moving average of $4.70 and a two-hundred day moving average of $5.10. The stock has a market capitalization of $692.48 million, a price-to-earnings ratio of -25.00 and a beta of 0.20. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02.

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, topping analysts' consensus estimates of $0.08 by $0.01. The company had revenue of $149.27 million during the quarter, compared to analysts' expectations of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. On average, research analysts expect that Granite Ridge Resources will post 0.44 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.4%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources's payout ratio is -209.52%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler purchased 6,000 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $5.08 per share, with a total value of $30,480.00. Following the completion of the purchase, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Reade Miller purchased 10,600 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the transaction, the director directly owned 1,360,813 shares of the company's stock, valued at $6,463,861.75. The trade was a 0.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 23,600 shares of company stock valued at $117,990 in the last ninety days. Insiders own 8.60% of the company's stock.

Institutional Trading of Granite Ridge Resources

Several large investors have recently bought and sold shares of the business. Sherbrooke Park Advisers LLC lifted its stake 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 grew its position in shares of Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock valued at $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Granite Ridge Resources by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock valued at $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in shares of Granite Ridge Resources by 35.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock valued at $62,000 after purchasing an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock valued at $140,000 after purchasing an additional 3,550 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

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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