Granite Ridge Resources (NYSE:GRNT) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Granite Ridge Resources from “sell” to “buy,” but analyst sentiment remains mixed. MarketBeat’s consensus rating is “hold,” with an average price target of $10.00.
• Granite Ridge reported quarterly EPS of $0.09, beating estimates of $0.08, while revenue of $149.27 million exceeded expectations of $139.44 million. The stock opened at $4.87 and remains near the lower end of its 52-week range.
• Insiders bought 148,780 shares worth approximately $798,208 over the past 90 days, while institutional investors own 31.56% of the company.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "buy" rating in a research note issued on Sunday.

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

Granite Ridge Resources Price Performance

GRNT opened at $4.87 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources has a 52-week low of $4.18 and a 52-week high of $6.14. The stock has a market capitalization of $642.75 million, a PE ratio of -23.20 and a beta of 0.20. The stock's 50 day moving average price is $4.67 and its 200-day moving average price is $5.08.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its 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 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 4.60% and a negative net margin of 5.56%. On average, equities research analysts predict that Granite Ridge Resources will post 0.41 EPS for the current year.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Tyler Farquharson bought 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the transaction, the chief executive officer owned 344,743 shares of the company's stock, valued at $1,775,426.45. This represents a 2.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Reade Miller bought 10,600 shares of Granite Ridge Resources stock in a transaction on Tuesday, June 9th. The shares were acquired at an average cost of $4.75 per share, with a total value of $50,350.00. Following the completion of the acquisition, the director 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. The disclosure for this purchase is available in the SEC filing. Insiders bought 148,780 shares of company stock worth $798,208 over the last 90 days. 8.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds have recently modified their holdings of GRNT. Dimensional Fund Advisors LP raised its holdings in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock worth $19,414,000 after purchasing an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources during the first quarter valued at about $6,624,000. First Trust Advisors LP increased its position in Granite Ridge Resources by 47.1% in the first quarter. First Trust Advisors LP now owns 366,573 shares of the company's stock worth $2,152,000 after buying an additional 117,451 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% in the second 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. Finally, Osaic Holdings Inc. raised its stake 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 worth $35,000 after buying an additional 3,994 shares during the period. Institutional investors own 31.56% of the company's stock.

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.

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