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

Granite Ridge Resources, Inc. (NYSE:GRNT) has earned a consensus rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $7.70.

A number of analysts recently weighed in on GRNT shares. Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Stephens reaffirmed an “overweight” rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th.

Granite Ridge Resources Price Performance

GRNT opened at $5.55 on Friday. Granite Ridge Resources has a 52-week low of $5.27 and a 52-week high of $7.10. The company has a 50 day moving average of $6.26 and a two-hundred day moving average of $6.22. The company has a market cap of $725.36 million, a P/E ratio of 15.40, a P/E/G ratio of 1.29 and a beta of 0.23. 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.11 dividend. 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 7.94%. Granite Ridge Resources’s dividend payout ratio is currently 314.29%.

Institutional Trading of Granite Ridge Resources

Large investors have recently modified their holdings of the business. Grey Rock Energy Management LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter worth about $357,018,000. Spider Management Company LLC increased its holdings in 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 worth $31,987,000 after purchasing an additional 872,282 shares during the last quarter. Georgetown University raised its position in shares of Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after purchasing an additional 697,823 shares in the last quarter. Millennium Management LLC boosted its stake 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 grew its position in shares of Granite Ridge Resources by 45.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock worth $9,432,000 after buying an additional 454,071 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

About Granite Ridge Resources

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.