Granite Ridge Resources (NYSE:GRNT) Downgraded to Hold Rating by Wall Street Zen

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

Granite Ridge Resources Stock Down 2.3%

Shares of NYSE:GRNT traded down $0.14 during mid-day trading on Friday, hitting $5.65. 80,565 shares of the company traded hands, compared to its average volume of 509,479. The stock has a 50-day moving average price of $5.84 and a two-hundred day moving average price of $5.87. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. Granite Ridge Resources has a 12-month low of $4.52 and a 12-month high of $7.10. The stock has a market cap of $740.26 million, a P/E ratio of 62.73 and a beta of 0.36.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share 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 return on equity of 13.46% and a net margin of 2.98%. On average, equities research analysts forecast that Granite Ridge Resources will post 0.52 earnings per share for the current year.

Insider Transactions at Granite Ridge Resources

In other news, Director Matthew Reade Miller purchased 17,000 shares of the stock in a transaction dated Monday, June 16th. The shares were purchased at an average cost of $5.98 per share, with a total value of $101,660.00. Following the completion of the acquisition, the director owned 1,261,877 shares in the company, valued at $7,546,024.46. This represents a 1.37% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Luke C. Brandenberg acquired 6,100 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was bought at an average price of $5.80 per share, for a total transaction of $35,380.00. Following the completion of the transaction, the chief executive officer owned 157,267 shares of the company's stock, valued at $912,148.60. The trade was a 4.04% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 46,896 shares of company stock worth $270,002. Insiders own 8.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GRNT. CWA Asset Management Group LLC boosted its stake in shares of Granite Ridge Resources by 46.0% during the first quarter. CWA Asset Management Group LLC now owns 189,500 shares of the company's stock valued at $1,152,000 after purchasing an additional 59,671 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $870,000. Parallel Advisors LLC boosted its stake in shares of 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 purchasing an additional 6,017 shares during the period. Hamilton Lane Advisors LLC boosted its stake in shares of Granite Ridge Resources by 15.5% during the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after purchasing an additional 1,139,430 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Granite Ridge Resources by 37.5% during the fourth quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock valued at $215,000 after purchasing an additional 9,055 shares during the period. 31.56% of the stock is currently owned by institutional investors.

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.