Analysts Set Granite Ridge Resources, Inc. (NYSE:GRNT) Target Price at $7.70

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned an average rating of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $7.70.

Several analysts have recently issued reports on GRNT shares. Stephens reissued an “overweight” rating and set a $8.00 target price on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial downgraded shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Grey Rock Energy Management LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter worth about $357,018,000. Spider Management Company LLC lifted its stake in Granite Ridge Resources by 21.4% in the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after purchasing an additional 872,282 shares during the last quarter. Georgetown University boosted its position in Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after buying an additional 697,823 shares in the last quarter. Millennium Management LLC grew its stake in shares of Granite Ridge Resources by 4,637.3% during the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company’s stock worth $3,111,000 after buying an additional 471,474 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Granite Ridge Resources by 45.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock worth $9,432,000 after buying an additional 454,071 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Trading Down 12.4 %

Shares of NYSE:GRNT opened at $4.90 on Tuesday. The company has a market capitalization of $640.33 million, a P/E ratio of 13.60, a P/E/G ratio of 1.29 and a beta of 0.20. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50 day simple moving average is $5.99 and its 200 day simple moving average is $6.19. Granite Ridge Resources has a 1 year low of $4.88 and a 1 year high of $7.10.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.99%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 314.29%.

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.