Granite Ridge Resources (NYSE:GRNT) Upgraded to Strong-Buy at Roth Capital

Roth Capital upgraded shares of Granite Ridge Resources (NYSE:GRNTFree Report) to a strong-buy rating in a research report report published on Wednesday, Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the company. Roth Mkm started coverage on Granite Ridge Resources in a report on Wednesday. They set a buy rating and a $8.80 price target for the company. Evercore ISI initiated coverage on shares of Granite Ridge Resources in a research report on Monday, April 29th. They set an in-line rating and a $8.00 price target on the stock. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources has an average rating of Buy and an average target price of $8.45.

Check Out Our Latest Analysis on GRNT

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $6.63 on Wednesday. The stock’s fifty day simple moving average is $6.46 and its 200 day simple moving average is $6.11. Granite Ridge Resources has a one year low of $5.13 and a one year high of $8.14. The firm has a market cap of $866.81 million, a price-to-earnings ratio of 14.73 and a beta of 0.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.44.

Granite Ridge Resources (NYSE:GRNTGet Free Report) last issued its earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $89.00 million during the quarter. Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. On average, analysts expect that Granite Ridge Resources will post 0.64 earnings per share for the current fiscal year.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 5,000 shares of the stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the transaction, the chief executive officer now directly owns 81,633 shares in the company, valued at $510,206.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 14,250 shares of company stock worth $88,440 over the last 90 days. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently made changes to their positions in GRNT. Strs Ohio raised its holdings in Granite Ridge Resources by 27.8% in the third quarter. Strs Ohio now owns 94,200 shares of the company’s stock worth $574,000 after purchasing an additional 20,500 shares during the period. Teacher Retirement System of Texas bought a new position in Granite Ridge Resources during the third quarter worth about $260,000. Sfmg LLC grew its stake in Granite Ridge Resources by 1.8% in the third quarter. Sfmg LLC now owns 184,454 shares of the company’s stock valued at $1,125,000 after acquiring an additional 3,277 shares during the period. Jump Financial LLC bought a new stake in shares of Granite Ridge Resources in the third quarter worth about $421,000. Finally, Barclays PLC raised its position in shares of Granite Ridge Resources by 86.7% during the third quarter. Barclays PLC now owns 9,754 shares of the company’s stock worth $59,000 after purchasing an additional 4,529 shares during the period. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

(Get Free Report)

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.

Further Reading

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