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

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

Separately, Bank of America reaffirmed a neutral rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a research note on Friday, June 14th.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT opened at $6.19 on Monday. The stock’s fifty day simple moving average is $6.29 and its 200 day simple moving average is $6.42. The stock has a market capitalization of $808.65 million, a price-to-earnings ratio of 13.74, a PEG ratio of 1.64 and a beta of 0.19. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. Granite Ridge Resources has a 52-week low of $5.20 and a 52-week high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. During the same period in the prior year, the business posted $0.19 EPS. As a group, sell-side analysts forecast that Granite Ridge Resources will post 0.55 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 7.11%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

Insider Buying and Selling

In other news, Director Matthew Reade Miller purchased 4,938 shares of Granite Ridge Resources stock in a transaction dated Friday, August 16th. The stock was acquired at an average cost of $6.50 per share, for a total transaction of $32,097.00. Following the acquisition, the director now directly owns 679,996 shares in the company, valued at $4,419,974. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Luke C. Brandenberg purchased 5,000 shares of Granite Ridge Resources stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $6.23 per share, with a total value of $31,150.00. Following the completion of the transaction, the chief executive officer now directly owns 91,633 shares of the company’s stock, valued at $570,873.59. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Reade Miller acquired 4,938 shares of the stock in a transaction dated Friday, August 16th. The shares were bought at an average cost of $6.50 per share, for a total transaction of $32,097.00. Following the acquisition, the director now owns 679,996 shares in the company, valued at approximately $4,419,974. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 30,433 shares of company stock worth $189,581. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its stake in Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after buying an additional 9,978 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Granite Ridge Resources in the second quarter valued at about $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after purchasing an additional 2,709 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in Granite Ridge Resources during the 1st quarter valued at approximately $150,000. 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.