Stephens Reiterates "Overweight" Rating for Granite Ridge Resources (NYSE:GRNT)

Granite Ridge Resources (NYSE:GRNT - Get Free Report)'s stock had its "overweight" rating reiterated by stock analysts at Stephens in a research note issued on Friday,Benzinga reports. They currently have a $8.00 price objective on the stock. Stephens' price objective suggests a potential upside of 45.32% from the company's current price.

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

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT traded up $0.07 during midday trading on Friday, hitting $5.51. The company had a trading volume of 449,954 shares, compared to its average volume of 454,541. Granite Ridge Resources has a twelve month low of $5.27 and a twelve month high of $7.10. The stock has a market cap of $720.13 million, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. 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 business's 50-day simple moving average is $6.30 and its 200-day simple moving average is $6.23.

Remove Ads

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 acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the completion of the transaction, the chief executive officer now owns 109,128 shares of the company's stock, valued at $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently modified their holdings of the business. Quantbot Technologies LP raised its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after acquiring an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Granite Ridge Resources in the 4th quarter valued at about $62,000. KLP Kapitalforvaltning AS acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth about $68,000. One68 Global Capital LLC purchased a new stake in shares of Granite Ridge Resources in the 4th quarter valued at approximately $71,000. Finally, Belvedere Trading LLC acquired a new stake in Granite Ridge Resources in the fourth quarter valued at $75,000. Institutional investors and hedge funds own 31.56% of the company's stock.

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.