Evercore ISI Begins Coverage on Granite Ridge Resources (NYSE:GRNT)

Evercore ISI assumed coverage on shares of Granite Ridge Resources (NYSE:GRNT) in a report issued on Monday, Benzinga reports. The brokerage issued an in-line rating and a $8.00 price target on the stock.

Granite Ridge Resources Stock Down 3.5 %

NYSE GRNT opened at $6.29 on Monday. The stock has a 50 day moving average price of $6.40 and a 200-day moving average price of $6.09. Granite Ridge Resources has a one year low of $5.00 and a one year high of $8.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 2.44. The company has a market capitalization of $820.52 million, a P/E ratio of 10.31 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 7th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. The business had revenue of $106.80 million during the quarter. Granite Ridge Resources had a net margin of 20.58% and a return on equity of 16.35%. During the same quarter last year, the business earned $0.38 EPS. As a group, equities analysts predict that Granite Ridge Resources will post 0.64 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.00%. The ex-dividend date was Thursday, February 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is 72.13%.

Insider Activity

In related news, CFO Tyler Farquharson purchased 5,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average cost of $6.20 per share, for a total transaction of $31,000.00. Following the completion of the transaction, the chief financial officer now directly owns 68,037 shares in the company, valued at $421,829.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have purchased 9,250 shares of company stock valued at $57,190. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Trexquant Investment LP purchased a new stake in Granite Ridge Resources during the third quarter valued at approximately $787,000. Howard Financial Services LTD. raised its position in shares of Granite Ridge Resources by 3.8% in the 4th quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after purchasing an additional 1,917 shares during the last quarter. DGS Capital Management LLC acquired a new stake in Granite Ridge Resources in the 4th quarter worth approximately $100,000. Hamilton Lane Advisors LLC grew its stake in Granite Ridge Resources by 122.2% during the 3rd quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock valued at $51,306,000 after purchasing an additional 4,625,595 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Granite Ridge Resources in the third quarter worth about $9,368,000. Institutional investors 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.