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

Key Points

• Wall Street Zen downgraded Granite Ridge Resources to “Sell” from “Hold,” while analyst sentiment remains mixed. MarketBeat reports an average rating of “Hold” and an average price target of $10.00.
• GRNT shares opened at $4.75, near their 52-week low of $4.18, and the company’s latest quarterly earnings missed expectations, reporting $0.02 in EPS versus the $0.09 consensus estimate.
• Company insiders have recently shown confidence by purchasing 148,780 shares worth approximately $798,208 over the past three months; insiders own 8.60% of the stock.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

A number of other analysts also recently commented on GRNT. Northland Securities initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 price objective for the company. Stephens lowered their target price on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Zacks Research lowered Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings cut Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $10.00.

Granite Ridge Resources Trading Up 2.0%

Shares of GRNT opened at $4.75 on Friday. Granite Ridge Resources has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm's fifty day moving average is $4.71 and its two-hundred day moving average is $5.07. The stock has a market cap of $627.18 million, a PE ratio of -19.02 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. Research analysts forecast that Granite Ridge Resources will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at Granite Ridge Resources

In other news, Director Matthew Reade Miller purchased 18,180 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were bought at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the purchase, the director directly owned 1,350,213 shares of the company's stock, valued at approximately $7,034,609.73. This trade represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tyler Farquharson acquired 10,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $5.15 per share, with a total value of $51,500.00. Following the completion of the purchase, the chief executive officer directly owned 344,743 shares of the company's stock, valued at approximately $1,775,426.45. This represents a 2.99% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 148,780 shares of company stock valued at $798,208 over the last three months. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors have recently bought and sold shares of GRNT. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $35,000. Osaic Holdings Inc. grew its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock valued at $35,000 after purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock valued at $36,000 after purchasing an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC purchased a new stake in Granite Ridge Resources during the 4th quarter worth approximately $52,000. Finally, Tower Research Capital LLC TRC increased its stake in Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock worth $58,000 after buying an additional 4,635 shares during the period. 31.56% of the stock is owned by institutional investors and hedge funds.

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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