Granite Ridge Resources (NYSE:GRNT) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Granite Ridge Resources from “strong sell” to “hold.” Other analysts remain mixed, but the stock carries a consensus “Moderate Buy” rating with an average price target of $10.00.
• GRNT opened at $5.11 and remains near the lower end of its 52-week range of $4.18 to $6.14. The company exceeded quarterly expectations, reporting $0.09 in earnings per share and $149.27 million in revenue.
• Insiders purchased 19,600 shares worth approximately $95,830 over the past three months, while institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Wall Street Zen upgraded Granite Ridge Resources from a "sell" rating to a "buy" rating in a research report on Sunday, August 9th. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday. Stephens lowered their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Freedom Capital upgraded shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, Northland Securities began coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Granite Ridge Resources Stock Down 1.4%

GRNT stock opened at $5.11 on Thursday. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.14. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a 50-day simple moving average of $4.72 and a 200-day simple moving average of $5.11. The stock has a market capitalization of $674.01 million, a P/E ratio of -24.33 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The firm had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Equities analysts forecast that Granite Ridge Resources will post 0.43 earnings per share for the current fiscal year.

Insider Activity at Granite Ridge Resources

In other news, Director Matthew Reade Miller purchased 10,600 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the acquisition, the director directly owned 1,360,813 shares of the company's stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ronald Kyle Kettler purchased 6,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the transaction, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. This trade represents a 4.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 19,600 shares of company stock valued at $95,830. Corporate insiders own 8.60% of the company's stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. Osaic Holdings Inc. grew its holdings in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock valued at $36,000 after buying an additional 5,492 shares during the period. Tower Research Capital LLC TRC raised its holdings in Granite Ridge Resources by 103.0% in the 2nd 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 during the period. Private Advisor Group LLC purchased a new stake in Granite Ridge Resources in the 1st quarter valued at about $59,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Granite Ridge Resources in the second quarter valued at about $47,000. Hedge funds and other 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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