Analysts Set Granite Ridge Resources, Inc. (NYSE:GRNT) Target Price at $7.70

Granite Ridge Resources, Inc. (NYSE:GRNT) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $7.70.

A number of research analysts recently issued reports on the company. Stephens reaffirmed 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 cut Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

Granite Ridge Resources Price Performance

NYSE:GRNT opened at $5.51 on Friday. The business’s 50-day moving average price is $6.30 and its 200 day moving average price is $6.23. The firm has a market cap of $720.13 million, a P/E ratio of 15.29, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources has a 52-week low of $5.27 and a 52-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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.99%. Granite Ridge Resources’s payout ratio is presently 314.29%.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently bought and sold shares of GRNT. Grey Rock Energy Management LLC acquired a new stake in Granite Ridge Resources during the 4th quarter worth about $357,018,000. Spider Management Company LLC lifted its holdings in shares of Granite Ridge Resources by 21.4% during the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after buying an additional 872,282 shares during the last quarter. Georgetown University lifted its holdings in shares of Granite Ridge Resources by 26.6% during the 4th quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after buying an additional 697,823 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Granite Ridge Resources by 4,637.3% during the 4th quarter. Millennium Management LLC now owns 481,641 shares of the company’s stock valued at $3,111,000 after buying an additional 471,474 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Granite Ridge Resources by 45.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock valued at $9,432,000 after buying an additional 454,071 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.