Granite Ridge Resources (NYSE:GRNT) Hits New 52-Week High - Should You Buy?

Key Points

• Shares hit a 52-week high, reaching $6.19 and trading around $6.19, up from the prior close of $6.03.
• Granite Ridge reported quarterly EPS of $0.17, topping the $0.14 estimate, and revenue of $177.21 million versus $156.24 million expected.
• Analysts’ average rating is “Moderate Buy,” with a consensus price target of $11. The company also announced a $0.11 quarterly dividend, equivalent to a 7.1% yield; its reported negative payout ratio is a consideration for investors.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) shares reached a new 52-week high during trading on Wednesday. The stock traded as high as $6.19 and last traded at $6.1850, with a volume of 186,290 shares trading hands. The stock had previously closed at $6.03.

Recent Granite Ridge Resources Headlines

Here are a few of the latest headlines about GRNT:

• Positive Sentiment: Northland Securities raised its estimates, including FY2026 EPS to $0.58 from $0.48, FY2027 EPS to $1.12 from $1.03, and Q4 2026 EPS to $0.30 from $0.24. Its FY2027 forecast is also well above the cited current-year consensus of $0.47, signaling an optimistic earnings outlook, though these are analyst estimates rather than company guidance. Granite Ridge Resources analyst estimates
• Positive Sentiment: Recent investor takeaways highlighted Granite Ridge’s authorization of a share repurchase program of up to $35 million and an 8% increase in average daily production in the third quarter versus the second quarter. Buybacks may support shareholder returns, while production growth can bolster revenue. Granite Ridge: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Wall Street Zen upgraded Granite Ridge, adding to the favorable analyst news. The available report does not specify the revised rating or rationale. Granite Ridge Resources upgraded at Wall Street Zen

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GRNT. Northland Securities set a $11.00 price target on Granite Ridge Resources in a research note on Tuesday, October 20th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Zacks Research upgraded Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Wall Street Zen raised Granite Ridge Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $11.00.

Granite Ridge Resources Stock Up 2.4%

The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $814.79 million, a price-to-earnings ratio of -15.42 and a beta of 0.19. The firm's 50-day simple moving average is $5.06 and its two-hundred day simple moving average is $5.08.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. The company had revenue of $177.21 million during the quarter, compared to the consensus estimate of $156.24 million. Granite Ridge Resources had a negative net margin of 9.31% and a positive return on equity of 6.82%. Sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.47 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Friday, November 27th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend is Friday, November 27th. Granite Ridge Resources's dividend payout ratio (DPR) is presently -110.00%.

Insider Buying and Selling

In other news, Director John McCartney acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average cost of $5.04 per share, with a total value of $25,200.00. Following the completion of the acquisition, the director owned 154,143 shares in the company, valued at $776,880.72. This trade represents a 3.35% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Miller bought 10,000 shares of the firm's stock in a transaction on Friday, September 11th. The shares were purchased at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the transaction, the director owned 1,974,292 shares of the company's stock, valued at $9,930,688.76. This represents a 0.51% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 24,000 shares of company stock valued at $120,800. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Granite Ridge Resources in the second quarter valued at about $21,910,000. Dimensional Fund Advisors LP raised its position in shares of Granite Ridge Resources by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock worth $19,414,000 after purchasing an additional 448,066 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources during the 1st quarter worth approximately $6,624,000. CWA Asset Management Group LLC raised its position in shares of Granite Ridge Resources by 15.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company's stock worth $4,585,000 after purchasing an additional 144,933 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Granite Ridge Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company's stock valued at $5,575,000 after buying an additional 12,089 shares in the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

About Granite Ridge Resources

Granite Ridge Resources, Inc. is an independent energy company that acquires, develops and produces oil and natural gas properties in the United States. Its portfolio is primarily made up of non-operated interests, with third-party companies managing day-to-day field operations. The company's assets provide exposure to several U.S. producing regions, including the Permian, Bakken, Eagle Ford and DJ basins. Its production includes crude oil, natural gas and natural gas liquids. Granite Ridge became a publicly traded company in 2022 through a business combination with Executive Network Partnering Corporation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.