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

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six analysts that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $7.70.

Several research analysts have recently commented on GRNT shares. Stephens reiterated an "overweight" rating and set a $8.00 price target on shares of Granite Ridge Resources in a report on Friday. 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.

Insider Activity at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg bought 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the acquisition, the chief executive officer now directly owns 109,128 shares of the company's stock, valued at $665,680.80. The trade was a 8.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.90% of the stock is owned by insiders.

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Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BCK Capital Management LP purchased a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $191,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Granite Ridge Resources by 5.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock worth $388,000 after buying an additional 3,272 shares in the last quarter. Two Sigma Advisers LP boosted its position in Granite Ridge Resources by 67.0% in the 4th quarter. Two Sigma Advisers LP now owns 143,800 shares of the company's stock valued at $929,000 after buying an additional 57,700 shares during the period. Silvercrest Asset Management Group LLC purchased a new position in Granite Ridge Resources in the 4th quarter valued at approximately $2,251,000. Finally, ProShare Advisors LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter worth $96,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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 455,086. The business's 50-day simple moving average is $6.30 and its 200-day simple moving average is $6.23. 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. Granite Ridge Resources has a twelve month low of $5.27 and a twelve month high of $7.10.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given 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 dividend yield of 7.99%. Granite Ridge Resources's payout ratio is currently 314.29%.

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.