Granite Ridge Resources’ (GRNT) Overweight Rating Reaffirmed at Stephens

Stephens reaffirmed their overweight rating on shares of Granite Ridge Resources (NYSE:GRNT) in a research note released on Friday,Benzinga reports. Stephens currently has a $8.00 price target on the stock.

Separately, Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Granite Ridge Resources currently has an average rating of “Moderate Buy” and an average target price of $7.70.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $5.33 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 company has a market cap of $697.26 million, a P/E ratio of 14.81, a P/E/G ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a fifty-two week low of $5.27 and a fifty-two week high of $7.10. The firm’s 50 day moving average is $6.33 and its two-hundred day moving average is $6.25.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.25%. Granite Ridge Resources’s dividend payout ratio (DPR) is 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of Granite Ridge Resources stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the transaction, the chief executive officer now owns 109,128 shares in the company, valued at $665,680.80. This represents a 8.44 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Quantbot Technologies LP lifted its position in shares of 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 during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $62,000. KLP Kapitalforvaltning AS bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $68,000. One68 Global Capital LLC bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $71,000. Finally, Belvedere Trading LLC bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $75,000. 31.56% of the stock is currently owned by institutional investors.

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.