Granite Ridge Resources, Inc. (NYSE:GRNT) Receives $7.70 Consensus PT from Analysts

Granite Ridge Resources, Inc. (NYSE:GRNT) has received an average recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $7.70.

A number of equities analysts recently weighed in on the stock. Stephens restated an “overweight” rating and set a $8.00 target price on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP lifted its holdings in Granite Ridge Resources by 691.0% during 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. BNP Paribas Financial Markets bought a new position in Granite Ridge Resources during the 4th quarter worth $62,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $68,000. One68 Global Capital LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $71,000. Finally, Belvedere Trading LLC bought a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $75,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Down 12.4 %

GRNT stock opened at $4.90 on Tuesday. Granite Ridge Resources has a twelve month low of $4.88 and a twelve month high of $7.10. The company has a market cap of $640.33 million, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.29 and a beta of 0.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $5.99 and a two-hundred day moving average price of $6.19.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.99%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 314.29%.

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.