Granite Ridge Resources (NYSE:GRNT) Given New $7.00 Price Target at Evercore ISI

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

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

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $6.19 on Monday. The business has a 50 day simple moving average of $6.29 and a 200-day simple moving average of $6.42. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. The company has a market capitalization of $808.65 million, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.64 and a beta of 0.19. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25.

Granite Ridge Resources (NYSE:GRNT) last issued its 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 business had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. During the same period last year, the company posted $0.19 earnings per share. As a group, equities research analysts expect that Granite Ridge Resources will post 0.55 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a $0.11 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.11%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

Insider Activity at Granite Ridge Resources

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

Hedge Funds Weigh In On Granite Ridge Resources

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in shares of Granite Ridge Resources by 155.7% in the 3rd quarter. SG Americas Securities LLC now owns 26,335 shares of the company’s stock worth $156,000 after acquiring an additional 16,037 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Granite Ridge Resources by 52.3% during the second 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 in the last quarter. AQR Capital Management LLC lifted its position in Granite Ridge Resources by 72.6% in the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares during the period. Sfmg LLC boosted its stake in Granite Ridge Resources by 5.5% during the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after purchasing an additional 9,960 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Granite Ridge Resources during the 2nd quarter valued at $320,000. 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.