Granite Ridge Resources (NYSE:GRNT) Coverage Initiated at Evercore ISI

Equities researchers at Evercore ISI started coverage on shares of Granite Ridge Resources (NYSE:GRNT - Get Free Report) in a note issued to investors on Monday, Benzinga reports. The firm set an "in-line" rating and a $8.00 price target on the stock. Evercore ISI's target price suggests a potential upside of 19.67% from the stock's previous close.

Granite Ridge Resources Price Performance

NYSE:GRNT traded up $0.05 during midday trading on Monday, hitting $6.69. The company had a trading volume of 397,153 shares, compared to its average volume of 402,699. Granite Ridge Resources has a 52-week low of $5.00 and a 52-week high of $8.14. The stock's fifty day moving average price is $6.38 and its 200-day moving average price is $6.08. The company has a market capitalization of $872.06 million, a PE ratio of 10.75 and a beta of 0.21. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.16.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. The company had revenue of $106.80 million during the quarter. Granite Ridge Resources had a net margin of 20.58% and a return on equity of 16.35%. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, research analysts expect that Granite Ridge Resources will post 0.64 earnings per share for the current year.

Insider Activity

In other news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction dated Friday, March 15th. The stock was purchased at an average cost of $6.20 per share, with a total value of $31,000.00. Following the completion of the purchase, the chief financial officer now owns 68,037 shares in the company, valued at approximately $421,829.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders bought 9,250 shares of company stock valued at $57,190. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors have recently bought and sold shares of GRNT. Northwestern University purchased a new stake in shares of Granite Ridge Resources during the third quarter valued at approximately $30,648,000. Hamilton Lane Advisors LLC lifted its position in Granite Ridge Resources by 122.2% during the third quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company's stock valued at $51,306,000 after purchasing an additional 4,625,595 shares during the period. Georgetown University bought a new position in Granite Ridge Resources during the fourth quarter valued at approximately $15,818,000. Adage Capital Partners GP L.L.C. bought a new position in Granite Ridge Resources in the third quarter worth approximately $9,368,000. Finally, Maven Securities LTD bought a new position in Granite Ridge Resources in the third quarter worth approximately $1,492,000. 31.56% of the stock is owned by institutional investors.

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.