Granite Ridge Resources (NYSE:GRNT) Cut to "Hold" at Wall Street Zen

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

Granite Ridge Resources Stock Performance

GRNT stock traded down $0.24 on Friday, reaching $5.40. 232,899 shares of the company were exchanged, compared to its average volume of 509,923. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 1.20. The stock's fifty day moving average price is $5.84 and its 200 day moving average price is $5.87. Granite Ridge Resources has a 12 month low of $4.52 and a 12 month high of $7.10. The firm has a market capitalization of $707.47 million, a PE ratio of 60.40 and a beta of 0.36.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a net margin of 2.98% and a return on equity of 13.46%. On average, research analysts anticipate that Granite Ridge Resources will post 0.52 EPS for the current fiscal year.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller acquired 17,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the purchase, the director owned 1,261,877 shares in the company, valued at $7,546,024.46. The trade was a 1.37% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Luke C. Brandenberg purchased 18,252 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were bought at an average price of $5.55 per share, for a total transaction of $101,298.60. Following the acquisition, the chief executive officer directly owned 151,167 shares in the company, valued at $838,976.85. This trade represents a 13.73% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 46,896 shares of company stock valued at $270,002 in the last three months. Insiders own 8.50% of the company's stock.

Institutional Trading of Granite Ridge Resources

Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in Granite Ridge Resources by 892.9% during the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock worth $43,000 after acquiring an additional 6,375 shares during the period. Parallel Advisors LLC raised its stake in Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after buying an additional 6,017 shares in the last quarter. Quantbot Technologies LP grew its holdings in Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after buying an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Granite Ridge Resources during the 4th quarter worth $62,000. Finally, Ieq Capital LLC purchased a new stake in shares of Granite Ridge Resources during the first quarter worth $62,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

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.