Granite Ridge Resources (NYSE:GRNT) Receives Hold (C) Rating from Weiss Ratings

Key Points

• Granite Ridge Resources has received a **"hold (c)" rating** from Weiss Ratings, reaffirming the stock's average rating amidst varying analyst assessments.
• The company's stock is currently trading at **$5.57**, with a consensus target price of **$8.00** and a reported earnings miss for the last quarter.
• Insider transactions include the recent purchase of **5,000 shares** by Director John McCartney, indicating a **6.48% increase** in his ownership stake in the company.

Granite Ridge Resources (NYSE:GRNT - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen downgraded shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Granite Ridge Resources currently has an average rating of "Hold" and a consensus target price of $8.00.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $5.57 on Wednesday. The company has a 50-day simple moving average of $5.39 and a 200-day simple moving average of $5.51. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $731.05 million, a PE ratio of 23.21, a P/E/G ratio of 0.81 and a beta of 0.34. Granite Ridge Resources has a 52-week low of $4.52 and a 52-week high of $7.00.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). The company had revenue of $109.22 million during the quarter, compared to analysts' expectations of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. Equities research analysts predict that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Mccartney purchased 5,000 shares of the stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the acquisition, the director directly owned 82,117 shares in the company, valued at $431,114.25. This represents a 6.48% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have bought 14,574 shares of company stock worth $77,142. Company insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently modified their holdings of GRNT. Osaic Holdings Inc. boosted its position 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 acquiring an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position 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 worth $36,000 after acquiring an additional 5,492 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Granite Ridge Resources by 892.9% in the first 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 last quarter. Tower Research Capital LLC TRC lifted its position in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after buying an additional 4,635 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in Granite Ridge Resources during the first quarter valued at approximately $62,000. 31.56% of the stock is currently owned by hedge funds and other 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.

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