Granite Ridge Resources (NYSE:GRNT) rated ‘Neutral’ by Bank of America

Granite Ridge (NYSE:GRNT – Get Free Report) ResourcesBank of America analysts gave the stock a “neutral” rating in a research note issued to investors on Friday, Benzinga reports. They currently have a price target of $7.00 for the stock. Bank of America’s price target suggests a potential upside of 14.38% from the stock’s current price.

Several other analysts have also recently commented on GRNT. On Wednesday, May 15, in a research note, Roth Capital upgraded Granite Ridge Resources to “strong buy”. On Monday, April 29, Evercore ISI covered shares of Granite Ridge Resources. They issued an “in-line” rating and a $8.00 price target for the stock. Finally, Roth Mkm covered shares of Granite Ridge Resources in a research note on Wednesday, May 15th. They gave the company a “buy” rating and a target price of $8.80. Two equity research analysts have rated the stock with a hold rating, two have given a buy rating to the stock, and one has given a strong buy rating to the stock. According to MarketBeat, Granite Ridge Resources has a consensus rating of “Moderate Buy” and a consensus price target of $7.95.

Check out our latest stock report on Granite Ridge resources

Granite Ridge Resource Stock Performance

On Friday, the NYSE GRNT opened at $6.12. The company has a market capitalization of $800.13 million, a P/E ratio of 13.60 and a beta of 0.20. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average is $6.53 and its 200-day moving average is $6.15. Granite Ridge Resources has a 12 month low of $5.20 and a 12 month high of $8.14.

Granite Ridge Resources (NYSE:GRNT – Get Free Report) last released its earnings results on Thursday, May 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the analyst consensus estimate of $0.13 ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. For the quarter, the company’s revenue was $89.00 million. Sell-side analysts predict that Granite Ridge Resources will post 0.6 earnings per share for the current year.

Confidential activity

So CEO Luke C. Brandenberg purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of USD 6.25 per share, for a total transaction amount of USD 31,250.00. Following the completion of the acquisition, the CEO now owns 81,633 shares of the company’s stock, valued at $510,206.25. The purchase was disclosed in a filing with the SEC, available at this link. In other news, Director Matthew Reade Miller acquired 7,700 shares of the company’s stock on Monday, June 3. The shares were purchased at an average price of $6.50 per share, for a total value of $50,050.00. Following the transaction, the director now directly owns 666,075 shares of the company’s stock, valued at approximately $4,329,487.50. The acquisition was disclosed in a document filed with the Securities and Exchange Commission, which is available at this hyperlink. Also, CEO Luke C. Brandenberg acquired 5,000 in a transaction on Tuesday, May 14. company shares. The shares were purchased at an average price of $6.25 per share, for a total transaction amount of $31,250.00. Following the transaction, the CEO now directly owns 81,633 shares of the company’s stock, valued at approximately $510,206.25. Information regarding this purchase can be found here. Over the last 90 days, insiders bought 19,200 shares of company stock worth $123,185. Currently, insiders own 1.90% of the shares.

Institutional Trading of Granite Ridge Resources

Many institutional investors have recently modified their holdings in the company. Howard Financial Services LTD. increased its stake in Granite Ridge Resources by 3.8% in the fourth quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after purchasing an additional 1,917 shares during the period. Barclays PLC increased its holdings in Granite Ridge Resources by 86.7% during the third quarter. Barclays PLC now owns 9,754 shares of the company’s stock valued at $59,000 after acquiring an additional 4,529 shares during the period. Nisa Investment Advisors LLC increased its holdings in Granite Ridge Resources by 24,400.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after acquiring an additional 4,880 shares in the last quarter. Swiss National Bank increased its position in Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after purchasing an additional 6,900 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its holdings in Granite Ridge Resources by 14.5% during the first quarter. About Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock valued at $374,000 after purchasing an additional 7,304 shares in the last quarter. 31.56% of the shares are currently owned by hedge funds and other institutional investors.

Granite Ridge Resource Information

(Get the free report)

Granite Ridge Resources, Inc operates as an unoperated oil and gas exploration and production company. It owns a portfolio of wells and acreages throughout the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is headquartered in Dallas, Texas.

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