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

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

GRNT has been the subject of a number of research reports. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Stephens restated an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Granite Ridge Resources by 50.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company's stock valued at $2,522,000 after purchasing an additional 141,634 shares during the last quarter. PDT Partners LLC acquired a new position in Granite Ridge Resources in the third quarter valued at $281,000. Janus Henderson Group PLC boosted its position in Granite Ridge Resources by 40.0% during the third 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. State Street Corp boosted its position in Granite Ridge Resources by 1.4% during the third quarter. State Street Corp now owns 887,319 shares of the company's stock valued at $5,271,000 after acquiring an additional 12,607 shares during the last quarter. Finally, Barclays PLC grew its holdings in Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company's stock worth $482,000 after acquiring an additional 61,162 shares during the period. Institutional investors and hedge funds own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

GRNT traded down $0.70 on Tuesday, reaching $4.90. The stock had a trading volume of 917,666 shares, compared to its average volume of 472,949. 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 company has a market capitalization of $640.33 million, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. Granite Ridge Resources has a fifty-two week low of $4.88 and a fifty-two week high of $7.10. The firm has a 50-day moving average of $5.99 and a 200-day moving average of $6.19.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.99%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources's dividend 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.