Stephens Reaffirms “Overweight” Rating for Granite Ridge Resources (NYSE:GRNT)

Granite Ridge Resources (NYSE:GRNT)‘s stock had its “overweight” rating reiterated by equities researchers at Stephens in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $8.00 target price on the stock. Stephens’ target price points to a potential upside of 50.01% from the stock’s current price.

Separately, Capital One Financial downgraded shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Granite Ridge Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Price Performance

GRNT opened at $5.33 on Friday. The company has a 50-day moving average of $6.31 and a 200-day moving average of $6.24. The company has a market capitalization of $697.26 million, a P/E ratio of 14.81, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a 1-year low of $5.27 and a 1-year high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Insider Activity

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average cost of $6.10 per share, with a total value of $51,819.50. Following the acquisition, the chief executive officer now owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This represents a 8.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Quantbot Technologies LP boosted its holdings in shares of Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after buying an additional 7,960 shares during the period. BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources during the 4th quarter valued at about $62,000. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources during the 4th quarter valued at about $68,000. One68 Global Capital LLC acquired a new position in Granite Ridge Resources during the 4th quarter valued at about $71,000. Finally, Belvedere Trading LLC acquired a new position in Granite Ridge Resources during the 4th quarter valued at about $75,000. 31.56% of the stock is owned by institutional investors and hedge funds.

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.