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

Stephens reiterated their overweight rating on shares of Granite Ridge Resources (NYSE:GRNT) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $8.00 price objective on the stock.

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

Granite Ridge Resources Trading Up 0.8 %

NYSE:GRNT opened at $5.33 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $697.26 million, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a one year low of $5.27 and a one year high of $7.10. The business has a fifty day moving average price of $6.31 and a 200-day moving average price of $6.24.

Granite Ridge Resources Announces Dividend

The company 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. This represents a $0.44 annualized dividend and a yield of 8.25%. The ex-dividend date of this dividend is Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is currently 122.22%.

Insider Buying and Selling

In other news, CEO Luke C. Brandenberg acquired 8,495 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the transaction, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Granite Ridge Resources by 50.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after purchasing an additional 141,634 shares during the last quarter. Barclays PLC boosted its position in shares of Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after acquiring an additional 61,162 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after acquiring an additional 317,303 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Granite Ridge Resources by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock valued at $455,000 after acquiring an additional 21,852 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Granite Ridge Resources during the 3rd quarter valued at approximately $361,000. 31.56% of the stock is 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.