Granite Ridge Resources (NYSE:GRNT) Lowered to “Equal Weight” Rating by Capital One Financial

Granite Ridge Resources (NYSE:GRNT) was downgraded by Capital One Financial from an “overweight” rating to an “equal weight” rating in a research note issued on Friday,Finviz reports.

Granite Ridge Resources Trading Up 0.1 %

GRNT opened at $6.40 on Friday. Granite Ridge Resources has a one year low of $5.47 and a one year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50 day simple moving average of $6.35 and a two-hundred day simple moving average of $6.28. The firm has a market capitalization of $836.08 million, a price-to-earnings ratio of 17.76, a PEG ratio of 1.29 and a beta of 0.22.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost of $6.10 per share, with a total value of $51,819.50. Following the transaction, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Reade Miller acquired 41,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the acquisition, the director now owns 772,491 shares of the company’s stock, valued at approximately $4,712,195.10. This trade represents a 5.60 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 54,001 shares of company stock valued at $330,711. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after acquiring an additional 141,634 shares in the last quarter. Barclays PLC grew its position in Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after purchasing an additional 61,162 shares during the last quarter. Geode Capital Management LLC increased its stake in Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after purchasing an additional 317,303 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after buying an additional 21,852 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Granite Ridge Resources in the third quarter worth approximately $361,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.