Granite Ridge Resources (NYSE:GRNT) Price Target Lowered to $7.00 at Evercore ISI

Granite Ridge Resources (NYSE:GRNT) had its price objective reduced by Evercore ISI from $8.00 to $7.00 in a research note released on Monday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Separately, Bank of America reissued a neutral rating and set a $7.00 price target on shares of Granite Ridge Resources in a research report on Friday, June 14th.

Granite Ridge Resources Stock Down 1.0 %

GRNT stock opened at $5.94 on Monday. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. The stock has a market capitalization of $776.62 million, a price-to-earnings ratio of 13.20, a PEG ratio of 1.64 and a beta of 0.19. The business’s fifty day moving average price is $6.32 and its two-hundred day moving average price is $6.42.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The business had revenue of $90.65 million during the quarter, compared to analyst estimates of $96.97 million. During the same quarter last year, the firm earned $0.19 EPS. On average, equities analysts anticipate that Granite Ridge Resources will post 0.55 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.41%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s payout ratio is presently 97.78%.

Insider Buying and Selling

In other news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction on Monday, August 19th. The stock was acquired at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the transaction, the chief financial officer now directly owns 76,723 shares in the company, valued at $507,906.26. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Matthew Reade Miller purchased 8,500 shares of Granite Ridge Resources stock in a transaction dated Wednesday, September 11th. The shares were bought at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the purchase, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the acquisition, the chief financial officer now directly owns 76,723 shares in the company, valued at approximately $507,906.26. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 30,433 shares of company stock worth $189,581. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

A number of hedge funds have recently added to or reduced their stakes in GRNT. Georgetown University acquired a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $15,818,000. Dimensional Fund Advisors LP bought a new stake in Granite Ridge Resources during the 2nd quarter worth approximately $2,891,000. Silvercrest Asset Management Group LLC increased its position in Granite Ridge Resources by 32.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after acquiring an additional 406,500 shares during the period. AQR Capital Management LLC raised its stake in shares of Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after acquiring an additional 393,787 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after acquiring an additional 357,705 shares during the last quarter. 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.