Granite Ridge Resources, Inc. (NYSE:GRNT) Receives Consensus Rating of “Moderate Buy” from Analysts

Granite Ridge Resources, Inc. (NYSE:GRNT) has received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com 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 1-year target price among brokerages that have updated their coverage on the stock in the last year is $7.70.

A number of brokerages recently commented on GRNT. Stephens reaffirmed an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial cut Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently made changes to their positions in GRNT. 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 in the last quarter. PDT Partners LLC bought a new stake in Granite Ridge Resources in the third quarter worth $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 buying an additional 21,852 shares during the period. State Street Corp grew its stake in shares of 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 buying an additional 12,607 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Granite Ridge Resources by 306.9% in 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 period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock opened at $6.08 on Tuesday. The company has a market cap of $794.69 million, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The business has a 50 day moving average price of $6.06 and a 200-day moving average price of $6.20. Granite Ridge Resources has a 52 week low of $5.27 and a 52 week high of $7.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 7.24%. Granite Ridge Resources’s dividend payout ratio is currently 314.29%.

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.