Evercore ISI Cuts Granite Ridge Resources (NYSE:GRNT) Price Target to $7.00

Granite Ridge Resources (NYSE:GRNT) had its price objective cut by Evercore ISI from $8.00 to $7.00 in a research note released on Monday, Benzinga reports. They currently have an in-line rating on the stock.

Separately, Bank of America reiterated a neutral rating and set a $7.00 price target on shares of Granite Ridge Resources in a research report on Friday, June 14th.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $6.04 on Monday. The stock’s fifty day moving average price is $6.30 and its two-hundred day moving average price is $6.42. The firm has a market cap of $789.69 million, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. Granite Ridge Resources has a one year low of $5.20 and a one year high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The company had revenue of $90.65 million during the quarter, compared to analyst estimates of $96.97 million. During the same period last year, the firm earned $0.19 EPS. As a group, research analysts expect that Granite Ridge Resources will post 0.55 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Insiders Place Their Bets

In related news, CFO Tyler Farquharson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of $5.95 per share, with a total value of $29,750.00. Following the acquisition, the chief financial officer now owns 81,723 shares of the company’s stock, valued at approximately $486,251.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the acquisition, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average price of $5.95 per share, with a total value of $29,750.00. Following the completion of the purchase, the chief financial officer now directly owns 81,723 shares in the company, valued at approximately $486,251.85. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 30,433 shares of company stock valued at $189,581. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Swiss National Bank grew its holdings in Granite Ridge Resources by 11.6% during the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after acquiring an additional 6,900 shares during the last quarter. Georgetown University bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth $15,818,000. Principal Financial Group Inc. acquired a new stake in Granite Ridge Resources in the first quarter valued at $150,000. Susquehanna Fundamental Investments LLC bought a new position in Granite Ridge Resources during the 1st quarter worth $186,000. Finally, Crown Advisors Management Inc. acquired a new position in Granite Ridge Resources during the 1st quarter worth about $1,300,000. 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.