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

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

Several other equities analysts have also recently weighed in on the stock. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Stephens reaffirmed an "overweight" rating and set a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three 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 has an average rating of "Hold" and a consensus target price of $7.33.

Granite Ridge Resources Price Performance

Shares of GRNT traded up $0.06 during mid-day trading on Thursday, reaching $5.56. The stock had a trading volume of 241,782 shares, compared to its average volume of 484,362. The firm has a market cap of $728.45 million, a price-to-earnings ratio of 15.43, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a 12 month low of $4.52 and a 12 month high of $7.10. The business has a fifty day moving average of $5.33 and a 200 day moving average of $5.94. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

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

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 18,252 shares of the company's stock in a transaction on Thursday, May 15th. The stock was acquired at an average cost of $5.55 per share, with a total value of $101,298.60. Following the purchase, the chief executive officer now directly owns 151,167 shares of the company's stock, valued at approximately $838,976.85. This represents a 13.73% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders acquired 19,814 shares of company stock valued at $110,071 in the last three months. Corporate insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Grey Rock Energy Management LLC bought a new stake in shares of Granite Ridge Resources in the 4th quarter worth about $357,018,000. Hamilton Lane Advisors LLC lifted its holdings in shares of Granite Ridge Resources by 15.5% in the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after acquiring an additional 1,139,430 shares during 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 worth $31,987,000 after acquiring an additional 872,282 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Granite Ridge Resources by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after acquiring an additional 418,059 shares during the last quarter. Finally, Georgetown University lifted its holdings in shares of Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after acquiring an additional 697,823 shares during the last quarter. 31.56% of the stock is 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.