Granite Ridge Resources (NYSE:GRNT) Now Covered by Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Granite Ridge Resources (NYSE:GRNT) in a research note issued to investors on Monday, Benzinga reports. The brokerage issued an in-line rating and a $8.00 target price on the stock.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT opened at $6.69 on Monday. The company has a 50-day simple moving average of $6.38 and a 200-day simple moving average of $6.08. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.44 and a quick ratio of 2.44. The company has a market cap of $872.06 million, a PE ratio of 10.96 and a beta of 0.21. Granite Ridge Resources has a 12 month low of $5.00 and a 12 month high of $8.14.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $106.80 million for the quarter. Granite Ridge Resources had a return on equity of 16.35% and a net margin of 20.58%. During the same period in the prior year, the company earned $0.38 EPS. On average, equities analysts anticipate that Granite Ridge Resources will post 0.64 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 29th. Granite Ridge Resources’s dividend payout ratio is currently 72.13%.

Insider Buying and Selling

In other news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction dated Friday, March 15th. The shares were acquired at an average cost of $6.20 per share, with a total value of $31,000.00. Following the purchase, the chief financial officer now directly owns 68,037 shares of the company’s stock, valued at approximately $421,829.40. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have bought 9,250 shares of company stock valued at $57,190. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northwestern University purchased a new stake in shares of Granite Ridge Resources during the 3rd quarter valued at about $30,648,000. Hamilton Lane Advisors LLC boosted its position in Granite Ridge Resources by 122.2% in the 3rd quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock valued at $51,306,000 after buying an additional 4,625,595 shares during the last quarter. Georgetown University purchased a new position in Granite Ridge Resources in the 4th quarter valued at about $15,818,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Granite Ridge Resources during the third quarter valued at about $9,368,000. Finally, Maven Securities LTD purchased a new stake in shares of Granite Ridge Resources during the third quarter worth about $1,492,000. Institutional investors and hedge funds 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.