Granite Ridge Resources (NYSE:GRNT – Get Free Report) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.
GRNT has been the subject of several other reports. Stephens decreased their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.00.
Check Out Our Latest Report on GRNT
Granite Ridge Resources Stock Down 2.3%
Granite Ridge Resources (NYSE:GRNT – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. As a group, sell-side analysts expect that Granite Ridge Resources will post 0.47 EPS for the current year.
Insiders Place Their Bets
In other Granite Ridge Resources news, CFO Ronald Kyle Kettler acquired 6,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were bought at an average cost of $5.08 per share, with a total value of $30,480.00. Following the completion of the acquisition, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. This trade represents a 4.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Tyler Farquharson acquired 10,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the acquisition, the chief executive officer owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This trade represents a 2.99% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 148,780 shares of company stock worth $798,208. Company insiders own 8.40% of the company’s stock.
Institutional Investors Weigh In On Granite Ridge Resources
A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after acquiring an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Granite Ridge Resources by 6.7% in the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock valued at $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after purchasing an additional 448,066 shares during the period. American Century Companies Inc. grew its position in shares of Granite Ridge Resources by 12.9% in the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after purchasing an additional 303,059 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Granite Ridge Resources by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock worth $6,944,000 after purchasing an additional 95,810 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.
Granite Ridge Resources Company Profile
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.
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