Granite Ridge Resources (NYSE:GRNT) Downgraded by Zacks Research to Strong Sell

Granite Ridge Resources (NYSE:GRNT) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on GRNT. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday. Stephens lowered their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $11.00.

Granite Ridge Resources Stock Down 6.0%

Granite Ridge Resources stock opened at $5.19 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.72. The firm’s fifty day moving average is $5.55 and its 200 day moving average is $5.16. The company has a market capitalization of $684.56 million, a PE ratio of -20.76 and a beta of 0.26.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (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 company had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. As a group, sell-side analysts predict that Granite Ridge Resources will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Reade Miller purchased 18,180 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average price of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the transaction, the director owned 1,350,213 shares in the company, valued at $7,034,609.73. This represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Tyler Farquharson purchased 10,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $5.15 per share, with a total value of $51,500.00. Following the transaction, the chief executive officer owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This trade represents a 2.99% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 175,338 shares of company stock valued at $940,192 over the last 90 days. 8.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently added to or reduced their stakes in the stock. First Horizon Corp bought a new position in Granite Ridge Resources during the fourth quarter valued at about $35,000. Osaic Holdings Inc. boosted its position in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares during the period. OpenArc Corporate Advisory LLC purchased a new stake in Granite Ridge Resources in the fourth quarter valued at approximately $52,000. Finally, Tower Research Capital LLC TRC raised its stake in Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares in 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.