Granite Ridge Resources (NYSE:GRNT) Coverage Initiated at Evercore ISI

Evercore ISI assumed coverage on shares of Granite Ridge Resources (NYSE:GRNT) in a research report report published on Monday morning, Benzinga reports. The firm issued an in-line rating and a $8.00 price objective on the stock.

Granite Ridge Resources Stock Up 0.8 %

Shares of NYSE GRNT opened at $6.69 on Monday. The business has a 50-day moving average of $6.38 and a 200-day moving average of $6.08. The firm has a market capitalization of $872.06 million, a price-to-earnings ratio of 10.96 and a beta of 0.21. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.16. Granite Ridge Resources has a 12 month low of $5.00 and a 12 month high of $8.14.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $106.80 million during the quarter. Granite Ridge Resources had a net margin of 20.58% and a return on equity of 16.35%. During the same period in the prior year, the firm posted $0.38 earnings per share. Sell-side analysts expect that Granite Ridge Resources will post 0.64 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.58%. The ex-dividend date was Thursday, February 29th. Granite Ridge Resources’s dividend payout ratio is presently 72.13%.

Insider Buying and Selling at Granite Ridge Resources

In other news, CFO Tyler Farquharson purchased 5,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average cost of $6.20 per share, for a total transaction of $31,000.00. Following the acquisition, the chief financial officer now directly owns 68,037 shares of the company’s stock, valued at approximately $421,829.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired a total of 9,250 shares of company stock worth $57,190 over the last three months. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. purchased a new position in Granite Ridge Resources during the first quarter valued at $150,000. Georgetown University bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $15,818,000. Trexquant Investment LP lifted its position in Granite Ridge Resources by 80.9% during the 4th quarter. Trexquant Investment LP now owns 233,397 shares of the company’s stock valued at $1,405,000 after acquiring an additional 104,392 shares during the period. Swiss National Bank boosted its stake in Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after acquiring an additional 6,900 shares in the last quarter. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $110,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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.