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Granite Ridge Resources Inc. (NYSE:GRNT) Rises 141.90% In 2023; Is It Still Attractive At $5.75?

In last trading session, Granite Ridge Resources Inc. (NYSE:GRNT) saw 1.7 million shares changing hands with its beta currently measuring 0.08. Company’s recent per share price level of $5.75 trading at $0.03 or 0.52% at ring of the bell on the day assigns it a market valuation of $774.35M. That closing price of GRNT’s stock is at a discount of -143.48% from its 52-week high price of $14.00 and is indicating a premium of 16.17% from its 52-week low price of $4.82. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 1.18 million shares which gives us an average trading volume of 378.41K if we extend that period to 3-months.

For Granite Ridge Resources Inc. (GRNT), analysts’ consensus is at an average recommendation of an Overweight while assigning it a mean rating of 2.00. Splitting up the data highlights that, out of 1 analysts covering the stock, 0 rated the stock as a Sell while 1 recommended an Overweight rating for the stock. 0 suggested the stock as a Hold whereas 0 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of $0.25 in the current quarter.

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Granite Ridge Resources Inc. (NYSE:GRNT) trade information

Upright in the green during last session for gaining 0.52%, in the last five days GRNT remained trading in the red while hitting it’s week-highest on Monday, 09/11/23 when the stock touched $5.75 price level, adding 21.23% to its value on the day. Granite Ridge Resources Inc.’s shares saw a change of -36.32% in year-to-date performance and have moved -23.33% in past 5-day. Granite Ridge Resources Inc. (NYSE:GRNT) showed a performance of -23.23% in past 30-days. Number of shares sold short was 0.79 million shares which calculate 4.66 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $9.00 to the stock, which implies a rise of 36.11% to its current value. Analysts have been projecting $9.00 as a low price target for the stock while placing it at a high target of $9.00. It follows that stock’s current price would drop -56.52% in reaching the projected high whereas dropping to the targeted low would mean a loss of -56.52% for stock’s current value.

Granite Ridge Resources Inc. (GRNT) estimates and forecasts

Statistics highlight that Granite Ridge Resources Inc. is scoring comparatively lower than the scores of other players of the relevant industry. The company added 14.09% of value to its shares in past 6 months, showing an annual growth rate of -50.00% while that of industry is -31.00. Apart from that, the company came lowering its revenue forecast for fiscal year 2023. The company is estimating its revenue growth to increase by 1,150.00% in the current quarter and calculating -33.30% decrease in the next quarter.

GRNT Dividends

Granite Ridge Resources Inc. is more likely to be releasing its next quarterly report in October and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Granite Ridge Resources Inc. (NYSE:GRNT)’s Major holders

Insiders are in possession of 79.49% of company’s total shares while institution are holding 4.35 percent of that, with stock having share float percentage of 21.20%. Investors also watch the number of corporate investors in a company very closely, which is 4.35% institutions for Granite Ridge Resources Inc. that are currently holding shares of the company. Hamilton Lane Advisors Llc is the top institutional holder at GRNT for having 3.79 million shares of worth $25.1 million. And as of Jun 29, 2023, it was holding 2.81% of the company’s outstanding shares.

The second largest institutional holder is Blackrock Inc., which was holding about 1.4 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 1.04% of outstanding shares, having a total worth of $9.3 million.

On the other hand, Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF are the top two Mutual Funds which own company’s shares. As of Jun 29, 2023, the former fund manager was holding 1.0 million shares of worth $6.66 million or 0.75% of the total outstanding shares. The later fund manager was in possession of 0.49 million shares on Jul 30, 2023, making its stake of worth around $3.57 million in the company or a holder of 0.36% of company’s stock.

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