Granite Ridge Resources (NYSE:GRNT) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Granite Ridge Resources (NYSE:GRNT) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on GRNT. Northland Securities began coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target for the company. Weiss Ratings cut shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Finally, Stephens dropped their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.00.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $4.84 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14. The firm has a market capitalization of $639.06 million, a P/E ratio of -19.38 and a beta of 0.21. The business has a fifty day moving average of $4.80 and a 200 day moving average of $5.06.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $128.26 million for the quarter, compared to analysts’ expectations of $126.68 million. As a group, sell-side analysts anticipate that Granite Ridge Resources will post 0.41 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 9.1%. The ex-dividend date of this dividend was Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -176.00%.

Insider Buying and Selling

In related news, Director Matthew Reade Miller purchased 18,180 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $5.21 per share, with a total value of $94,717.80. Following the completion of the acquisition, the director owned 1,350,213 shares of the company’s stock, valued at approximately $7,034,609.73. This trade represents a 1.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the purchase, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This trade represents a 4.87% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 148,780 shares of company stock valued at $798,208 over the last three months. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources during the 1st quarter valued at $6,624,000. Zazove Associates LLC bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $3,210,000. Dimensional Fund Advisors LP lifted its stake 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 valued at $19,414,000 after buying an additional 448,066 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Granite Ridge Resources by 115.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock valued at $3,890,000 after buying an additional 442,900 shares in the last quarter. 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.