Granite Ridge Resources (NYSE:GRNT) Upgraded to Strong-Buy at Freedom Capital

Key Points

• Freedom Capital upgraded Granite Ridge Resources to “strong buy” from “hold,” though broader analyst sentiment remains “Hold” with a consensus price target of $10.00.
• Granite Ridge reported quarterly EPS of $0.09, exceeding the $0.08 estimate, while revenue of $149.27 million also surpassed expectations of $139.44 million.
• Insiders purchased 23,600 shares worth approximately $117,990 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 Freedom Capital from a "hold" rating to a "strong-buy" rating in a note issued to investors on Sunday,Zacks.com reports.

GRNT has been the topic of a number of other research reports. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price objective on the stock. Wall Street Zen upgraded Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Weiss Ratings lowered Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, May 22nd. Zacks Research cut Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. Finally, Stephens reduced their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $10.00.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $5.25 on Friday. The firm has a market cap of $692.48 million, a PE ratio of -25.00 and a beta of 0.20. Granite Ridge Resources has a 52-week low of $4.18 and a 52-week high of $6.14. The business's 50 day moving average price is $4.70 and its two-hundred day moving average price is $5.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. On average, equities analysts anticipate that Granite Ridge Resources will post 0.44 EPS for the current year.

Insider Activity at Granite Ridge Resources

In related news, CFO Ronald Kyle Kettler bought 6,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were bought at an average price of $5.08 per share, with a total value of $30,480.00. Following the completion of the transaction, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Reade Miller purchased 10,600 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The shares were bought at an average price of $4.75 per share, with a total value of $50,350.00. Following the acquisition, the director directly owned 1,360,813 shares of the company's stock, valued at $6,463,861.75. This represents a 0.79% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 23,600 shares of company stock worth $117,990. 8.60% of the stock is owned by insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently made changes to their positions in the company. Great Lakes Advisors LLC bought a new position in shares of Granite Ridge Resources during the first quarter valued at about $113,000. Jane Street Group LLC purchased a new position in Granite Ridge Resources during the first quarter worth about $131,000. Creative Planning bought a new stake in Granite Ridge Resources in the 2nd quarter worth about $225,000. JPMorgan Chase & Co. grew its position in Granite Ridge Resources by 1,115.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company's stock worth $1,989,000 after purchasing an additional 286,556 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Granite Ridge Resources by 2,610.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company's stock valued at $92,000 after buying an additional 13,864 shares during the last quarter. 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.

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