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

Granite Ridge Resources (NYSE:GRNT)‘s stock had its “overweight” rating reaffirmed by investment analysts at Stephens in a report released on Friday,Benzinga reports. They presently have a $8.00 price target on the stock. Stephens’ price objective indicates a potential upside of 42.35% from the stock’s current price.

Separately, Capital One Financial lowered Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.70.

Granite Ridge Resources Stock Up 6.2 %

NYSE GRNT traded up $0.33 during trading on Friday, reaching $5.62. 97,524 shares of the company’s stock were exchanged, compared to its average volume of 449,048. The firm has a market capitalization of $734.78 million, a PE ratio of 15.50, a P/E/G ratio of 1.29 and a beta of 0.23. 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 current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $6.34 and its 200-day simple moving average is $6.25.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction dated Wednesday, December 11th. The stock was bought at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the transaction, the chief executive officer now directly owns 109,128 shares in the company, valued at $665,680.80. This represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

A number of institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted 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 valued at $116,000 after purchasing an additional 2,735 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Granite Ridge Resources by 16.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock valued at $127,000 after buying an additional 2,759 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Granite Ridge Resources by 5.8% during the fourth 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 buying an additional 3,272 shares during the last quarter. Quantbot Technologies LP grew its position in shares of 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 buying an additional 7,960 shares during the period. Finally, Deutsche Bank AG increased 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 valued at $215,000 after acquiring 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.