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

Zacks Research upgraded shares of Granite Ridge Resources (NYSE:GRNT) from a strong sell rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Separately, Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Granite Ridge Resources presently has a consensus rating of “Hold”.

Granite Ridge Resources Stock Up 1.1%

GRNT stock opened at $5.08 on Monday. The company’s 50 day moving average price is $4.87 and its 200 day moving average price is $5.12. The firm has a market capitalization of $667.16 million, a price-to-earnings ratio of 28.19, a PEG ratio of 2.46 and a beta of 0.34. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.25.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The firm had revenue of $105.49 million during the quarter, compared to analysts’ expectations of $120.76 million. On average, equities research analysts anticipate that Granite Ridge Resources will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.7%. Granite Ridge Resources’s payout ratio is presently 244.44%.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the acquisition, the chief financial officer directly owned 120,276 shares of the company’s stock, valued at $623,029.68. This trade represents a 4.34% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller purchased 10,000 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was bought at an average price of $5.10 per share, for a total transaction of $51,000.00. Following the completion of the purchase, the director directly owned 1,328,181 shares of the company’s stock, valued at $6,773,723.10. The trade was a 0.76% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 28,148 shares of company stock valued at $145,349 over the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GRNT. Bank of America Corp DE raised its stake in Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after acquiring an additional 4,449,582 shares in the last quarter. Zazove Associates LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth about $3,210,000. Goldman Sachs Group Inc. grew its holdings in shares of Granite Ridge Resources by 115.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock worth $3,890,000 after purchasing an additional 442,900 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $1,495,000. Finally, American Century Companies Inc. increased its position in shares of Granite Ridge Resources by 12.9% during the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock worth $14,397,000 after purchasing an additional 303,059 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.