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

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

Granite Ridge Resources Price Performance

NYSE GRNT opened at $6.40 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The company 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. The stock has a 50-day moving average of $6.35 and a 200 day moving average of $6.28. Granite Ridge Resources has a one year low of $5.47 and a one year high of $7.10.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of Granite Ridge Resources stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price 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 of the company’s stock, valued at $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Reade Miller acquired 41,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost 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 $4,712,195.10. The trade was a 5.60 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 54,001 shares of company stock valued at $330,711. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP raised its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after buying an additional 7,960 shares during the period. BNP Paribas Financial Markets bought a new stake in Granite Ridge Resources during the 4th quarter worth approximately $62,000. Ground Swell Capital LLC purchased a new position in Granite Ridge Resources during the third quarter valued at approximately $66,000. KLP Kapitalforvaltning AS bought a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $68,000. Finally, One68 Global Capital LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter worth $71,000. 31.56% of the stock is owned by institutional investors.

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.