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

Granite Ridge Resources (NYSE:GRNT) had its target price lowered by investment analysts at Evercore ISI from $8.00 to $7.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price objective points to a potential upside of 17.45% from the company’s current price.

Separately, Bank of America reissued a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a research note on Friday, June 14th.

Granite Ridge Resources Stock Performance

Shares of GRNT traded down $0.04 during trading hours on Monday, reaching $5.96. 103,237 shares of the company traded hands, compared to its average volume of 443,142. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10. The stock has a market cap of $779.23 million, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 1.64 and a beta of 0.19. The stock’s fifty day moving average is $6.34 and its 200 day moving average is $6.42. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24.

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

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the acquisition, the chief executive officer now directly owns 91,633 shares of the company’s stock, valued at approximately $570,873.59. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Luke C. Brandenberg bought 5,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the acquisition, the chief executive officer now owns 91,633 shares in the company, valued at $570,873.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Reade Miller bought 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average price of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. The disclosure for this purchase can be found here. Insiders acquired 30,433 shares of company stock worth $189,581 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in GRNT. Georgetown University acquired a new stake in Granite Ridge Resources in the fourth quarter valued at $15,818,000. Dimensional Fund Advisors LP acquired a new stake in Granite Ridge Resources in the 2nd quarter valued at about $2,891,000. Silvercrest Asset Management Group LLC increased its position in Granite Ridge Resources by 32.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after buying an additional 406,500 shares during the last quarter. AQR Capital Management LLC increased its position in Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after buying an additional 393,787 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after buying an additional 357,705 shares during the period. 31.56% of the stock is owned by 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.