Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) have been assigned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $7.70.

Several equities research analysts have commented on GRNT shares. Stephens restated an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note 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 report on Friday, February 21st.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company’s stock worth $43,000 after purchasing an additional 6,375 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Granite Ridge Resources by 222.4% in the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock worth $53,000 after buying an additional 6,017 shares in the last quarter. Quantbot Technologies LP lifted its holdings in Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after buying an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Granite Ridge Resources in the 4th quarter valued at about $62,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Granite Ridge Resources during the fourth quarter valued at about $68,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Up 0.8 %

Shares of NYSE GRNT opened at $4.92 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $645.18 million, a PE ratio of 13.67, a P/E/G ratio of 1.29 and a beta of 0.20. The firm has a fifty day moving average of $5.54 and a 200-day moving average of $6.04. Granite Ridge Resources has a 52-week low of $4.52 and a 52-week high of $7.10.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.94%. Granite Ridge Resources’s payout ratio 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.