Granite Ridge Resources (NYSE:GRNT) Stock Rating Lowered by Zacks Research

Granite Ridge Resources (NYSE:GRNT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently weighed in on GRNT. Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Northland Securities started coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target on the stock. Finally, Stephens cut their price target 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. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Stock Performance

GRNT opened at $4.92 on Wednesday. The company has a market capitalization of $649.48 million, a price-to-earnings ratio of -19.70 and a beta of 0.21. 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 1-year low of $4.18 and a 1-year high of $6.14. The business has a 50 day moving average price of $4.82 and a two-hundred day moving average price of $5.06.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $126.68 million. Research analysts predict that Granite Ridge Resources will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Ronald Kyle Kettler purchased 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average price of $5.08 per share, with a total value of $30,480.00. Following the purchase, the chief financial officer owned 129,276 shares of the company’s stock, valued at $656,722.08. This trade represents a 4.87% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Reade Miller acquired 10,600 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the acquisition, the director owned 1,360,813 shares in the company, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 148,780 shares of company stock valued at $798,208. 8.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GRNT. Versant Capital Management Inc increased its position in shares of Granite Ridge Resources by 794.7% in the second quarter. Versant Capital Management Inc now owns 27,475 shares of the company’s stock worth $121,000 after acquiring an additional 24,404 shares in the last quarter. Zazove Associates LLC lifted its position in shares of Granite Ridge Resources by 1.4% in the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock valued at $4,068,000 after acquiring an additional 9,900 shares in the last quarter. Royal Bank of Canada boosted its stake in Granite Ridge Resources by 180.6% in the 1st quarter. Royal Bank of Canada now owns 14,569 shares of the company’s stock worth $86,000 after purchasing an additional 9,377 shares during the period. Quantinno Capital Management LP boosted its stake in Granite Ridge Resources by 55.1% in the 1st quarter. Quantinno Capital Management LP now owns 80,361 shares of the company’s stock worth $472,000 after purchasing an additional 28,546 shares during the period. Finally, Renaissance Technologies LLC grew its position in Granite Ridge Resources by 184.7% during the 1st quarter. Renaissance Technologies LLC now owns 65,200 shares of the company’s stock worth $383,000 after purchasing an additional 42,300 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.