Granite Ridge Resources (NYSE:GRNT) Rating Lowered to “Strong Sell” at Zacks Research
by Renee Jackson · The Cerbat GemGranite Ridge Resources (NYSE:GRNT – Get Free Report) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.
A number of other equities research analysts have also issued reports on the stock. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday. Stephens decreased their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $11.00.
Get Our Latest Stock Report on Granite Ridge Resources
Granite Ridge Resources Trading Down 6.0%
Granite Ridge Resources stock opened at $5.19 on Monday. The company has a 50 day moving average price of $5.55 and a 200 day moving average price of $5.16. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.72. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $684.56 million, a price-to-earnings ratio of -20.76 and a beta of 0.26.
Granite Ridge Resources (NYSE:GRNT – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Research analysts forecast that Granite Ridge Resources will post 0.53 EPS for the current year.
Insider Transactions at Granite Ridge Resources
In other news, Director Griffin Perry bought 100,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were purchased at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the acquisition, the director directly owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. The trade was a 9.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John Mccartney bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $5.16 per share, for a total transaction of $25,800.00. Following the acquisition, the director directly owned 136,143 shares in the company, valued at approximately $702,497.88. This trade represents a 3.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 175,338 shares of company stock worth $940,192. Corporate insiders own 8.40% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Great Lakes Advisors LLC acquired a new stake in shares of Granite Ridge Resources during the 1st quarter valued at about $113,000. Jane Street Group LLC bought a new stake in shares of Granite Ridge Resources during the first quarter worth approximately $131,000. Creative Planning bought a new stake in shares of Granite Ridge Resources during the second quarter worth approximately $225,000. JPMorgan Chase & Co. raised its stake in shares of Granite Ridge Resources by 1,115.3% during the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock worth $1,989,000 after buying an additional 286,556 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Granite Ridge Resources by 2,610.9% during the second quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock worth $92,000 after buying an additional 13,864 shares during the last quarter. Institutional investors 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.