Granite Ridge Resources, Inc. (NYSE:GRNT) Receives $7.70 Consensus Price Target from Brokerages

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) have received an average rating of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $7.70.

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

Granite Ridge Resources Trading Up 1.2 %

NYSE:GRNT opened at $5.00 on Friday. The stock has a 50-day simple moving average of $5.51 and a 200-day simple moving average of $6.03. The stock has a market cap of $655.68 million, a P/E ratio of 13.89, a P/E/G ratio of 1.29 and a beta of 0.20. Granite Ridge Resources has a 1 year low of $4.52 and a 1 year high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.80%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources’s payout ratio is 314.29%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CWA Asset Management Group LLC increased its position in Granite Ridge Resources by 46.0% during the 1st quarter. CWA Asset Management Group LLC now owns 189,500 shares of the company’s stock worth $1,152,000 after purchasing an additional 59,671 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Granite Ridge Resources by 2.0% during the 1st quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company’s stock worth $730,000 after purchasing an additional 2,322 shares in the last quarter. Hamilton Lane Advisors LLC increased its position in Granite Ridge Resources by 15.5% during the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company’s stock worth $51,562,000 after purchasing an additional 1,139,430 shares in the last quarter. Rhumbline Advisers increased its position in Granite Ridge Resources by 9.2% during the 1st quarter. Rhumbline Advisers now owns 83,652 shares of the company’s stock worth $509,000 after purchasing an additional 7,062 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock worth $53,000 after purchasing an additional 6,017 shares in the last quarter. 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.