Granite Ridge Resources (NYSE:GRNT) Given Overweight Rating at Stephens

Stephens reissued their overweight rating on shares of Granite Ridge Resources (NYSE:GRNT) in a report released on Friday,Benzinga reports. Stephens currently has a $8.00 target price on the stock.

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 given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Trading Up 0.8 %

Shares of NYSE:GRNT opened at $5.33 on Friday. The company has a market cap of $697.26 million, a PE ratio of 14.81, a P/E/G ratio of 1.29 and a beta of 0.23. The company’s 50-day moving average price is $6.33 and its 200 day moving average price is $6.25. Granite Ridge Resources has a fifty-two week low of $5.27 and a fifty-two 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 8.25%. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 8,495 shares of the stock in a transaction dated Wednesday, December 11th. The shares were bought at an average price of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. grew its stake in shares of Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock worth $116,000 after purchasing an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Granite Ridge Resources by 16.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock worth $127,000 after purchasing an additional 2,759 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Granite Ridge Resources by 5.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company’s stock worth $388,000 after purchasing an additional 3,272 shares during the last quarter. Quantbot Technologies LP grew its stake 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 worth $59,000 after purchasing an additional 7,960 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Granite Ridge Resources by 37.5% in the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company’s stock worth $215,000 after purchasing an additional 9,055 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.