Granite Ridge Resources (NYSE:GRNT) Cut to “Hold” at Freedom Broker

Granite Ridge Resources (NYSE:GRNT) was downgraded by analysts at Freedom Broker from a “buy” rating to a “hold” rating in a research note issued on Friday, Briefing.com reports. They presently have a $7.00 target price on the stock. Freedom Broker‘s price target would indicate a potential upside of 7.78% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Wall Street Zen raised shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, Northland Securities set a $11.00 price objective on shares of Granite Ridge Resources in a report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.67.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $6.50 on Friday. 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 stock has a market capitalization of $857.02 million, a price-to-earnings ratio of -16.24 and a beta of 0.19. The firm’s 50 day simple moving average is $5.11 and its 200-day simple moving average is $5.10. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.54.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, November 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. Granite Ridge Resources had a negative net margin of 9.31% and a positive return on equity of 6.82%. The firm had revenue of $177.21 million during the quarter, compared to analysts’ expectations of $156.24 million. Analysts expect that Granite Ridge Resources will post 0.56 EPS for the current year.

Insiders Place Their Bets

In related news, Director John McCartney purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ronald Kettler purchased 6,000 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the acquisition, the chief financial officer owned 135,276 shares of the company’s stock, valued at approximately $683,143.80. The trade was a 4.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 21,000 shares of company stock valued at $105,800 in the last ninety days. 8.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. Integrated Wealth Concepts LLC purchased a new stake in Granite Ridge Resources in the 2nd quarter valued at $25,000. Signaturefd LLC raised its holdings in shares of Granite Ridge Resources by 525.1% during the 3rd quarter. Signaturefd LLC now owns 7,514 shares of the company’s stock worth $33,000 after acquiring an additional 6,312 shares during the period. Private Advisor Group LLC purchased a new position in shares of Granite Ridge Resources during the 1st quarter worth $59,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Granite Ridge Resources during the 3rd quarter worth $46,000. Finally, Focus Advisor Solutions LLC acquired a new position in shares of Granite Ridge Resources during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.