Granite Ridge Resources (NYSE:GRNT) Stock Rating Reaffirmed by Bank of America

Granite Ridge Resources (NYSE:GRNT)‘s stock had its “neutral” rating reaffirmed by analysts at Bank of America in a report released on Friday, MarketBeat reports. They currently have a $7.00 price target on the stock. Bank of America‘s target price points to a potential upside of 19.66% from the company’s current price.

Several other research firms have also recently issued reports on GRNT. Roth Capital upgraded Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday, May 15th. Evercore ISI began coverage on Granite Ridge Resources in a report on Monday, April 29th. They issued an “in-line” rating and a $8.00 price target on the stock. Finally, Roth Mkm began coverage on Granite Ridge Resources in a report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price target on the stock. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Granite Ridge Resources currently has an average rating of “Moderate Buy” and an average price target of $7.95.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $5.85 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55. The firm has a market cap of $764.83 million, a P/E ratio of 13.00 and a beta of 0.20. The business’s fifty day moving average is $6.51 and its two-hundred day moving average is $6.15. Granite Ridge Resources has a 52 week low of $5.20 and a 52 week high of $8.14.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $89.00 million during the quarter. Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. Equities research analysts forecast that Granite Ridge Resources will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller bought 7,700 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were purchased at an average price of $6.50 per share, with a total value of $50,050.00. Following the completion of the purchase, the director now owns 666,075 shares of the company’s stock, valued at approximately $4,329,487.50. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were bought at an average price of $6.25 per share, with a total value of $31,250.00. Following the completion of the transaction, the chief executive officer now directly owns 81,633 shares in the company, valued at approximately $510,206.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller purchased 7,700 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were acquired at an average cost of $6.50 per share, for a total transaction of $50,050.00. Following the transaction, the director now owns 666,075 shares of the company’s stock, valued at $4,329,487.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 19,200 shares of company stock valued at $123,185. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds have recently modified their holdings of the business. Georgetown University acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $15,818,000. Trexquant Investment LP acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at approximately $787,000. Howard Financial Services LTD. raised its position in Granite Ridge Resources by 3.8% in the 4th quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after buying an additional 1,917 shares during the last quarter. DGS Capital Management LLC acquired a new stake in Granite Ridge Resources in the 4th quarter valued at approximately $100,000. Finally, Swiss National Bank raised its position in Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after buying an additional 6,900 shares during 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.