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

Granite Ridge Resources, Inc. (NYSE:GRNT) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $7.70.

Several analysts recently commented on GRNT shares. Stephens reiterated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday. Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Granite Ridge Resources Trading Up 0.8 %

Shares of Granite Ridge Resources stock opened at $5.33 on Friday. Granite Ridge Resources has a 1 year low of $5.27 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. The company has a market capitalization of $697.26 million, a P/E ratio of 14.81, a PEG ratio of 1.29 and a beta of 0.23. The company’s fifty day moving average is $6.31 and its two-hundred day moving average is $6.24.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.11 dividend. 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 payout ratio is 122.22%.

Insider Activity at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg bought 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the acquisition, the chief executive officer now owns 109,128 shares in the company, valued at $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors have recently bought and sold shares of the business. Grey Rock Energy Management LLC acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth $357,018,000. Spider Management Company LLC raised its holdings in shares of Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after purchasing an additional 872,282 shares during the period. Vanguard Group Inc. raised its holdings in shares of Granite Ridge Resources by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock worth $27,353,000 after purchasing an additional 418,059 shares during the period. Georgetown University raised its holdings in shares of Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock worth $21,483,000 after purchasing an additional 697,823 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Granite Ridge Resources by 16.0% during the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company’s stock worth $13,282,000 after acquiring an additional 282,912 shares during the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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.