Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the six analysts that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $7.70.

Several equities analysts recently commented on GRNT shares. Stephens restated an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. 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.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded down $0.09 on Friday, hitting $4.93. The company had a trading volume of 286,753 shares, compared to its average volume of 491,047. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average price of $5.51 and a 200 day moving average price of $6.03. Granite Ridge Resources has a 1-year low of $4.52 and a 1-year high of $7.10. The stock has a market cap of $645.84 million, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.93%. Granite Ridge Resources's payout ratio is presently 314.29%.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC grew its stake in shares of Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company's stock worth $482,000 after buying an additional 61,162 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock worth $7,258,000 after purchasing an additional 317,303 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth $870,000. Grey Rock Energy Management LLC acquired a new position in Granite Ridge Resources in the fourth quarter valued at $357,018,000. Finally, Spider Management Company LLC lifted its holdings in Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock valued at $31,987,000 after buying an additional 872,282 shares during the period. Institutional investors 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.