Granite Ridge Resources (NYSE:GRNT) Upgraded at Wall Street Zen

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

Several other research analysts have also commented on GRNT. Capital One Financial lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Stephens restated an "overweight" rating and set a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $7.33.

Granite Ridge Resources Stock Up 3.2%

NYSE:GRNT traded up $0.18 during midday trading on Thursday, hitting $5.72. 158,652 shares of the company were exchanged, compared to its average volume of 451,388. Granite Ridge Resources has a fifty-two week low of $4.52 and a fifty-two week high of $7.10. The company has a market capitalization of $749.44 million, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $5.32 and a 200 day simple moving average of $5.93.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. The business had revenue of $122.93 million for the quarter, compared to analysts' expectations of $115.30 million. As a group, equities analysts anticipate that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg acquired 18,252 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the transaction, the chief executive officer now directly owns 151,167 shares in the company, valued at approximately $838,976.85. This represents a 13.73% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased 19,814 shares of company stock worth $110,071 in the last quarter. Company insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently bought and sold shares of the company. Grey Rock Energy Management LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $357,018,000. Hamilton Lane Advisors LLC raised its stake in shares of Granite Ridge Resources by 15.5% during the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after buying an additional 1,139,430 shares in the last quarter. Spider Management Company LLC lifted its holdings in shares of Granite Ridge Resources by 21.4% in the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock valued at $31,987,000 after buying an additional 872,282 shares during the period. Vanguard Group Inc. boosted its stake in shares of Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock valued at $27,353,000 after buying an additional 418,059 shares in the last quarter. Finally, Georgetown University boosted its stake in shares of Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after buying an additional 697,823 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

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.