Sculptor Capital LP recently announced the acquisition of new stake in Granite Ridge Resources Inc (NYSE:GRNT). The institutional investor has increased its shareholding in the Financial company by 11.34% to 3.03 million shares with purchase of 0.31 million shares. This fresh investment now brings its stake to 2.27% valued currently at $27.33 million. In addition, BNP Paribas Arbitrage SNC raised its holdings by 1.51 million to 1.51 million shares.
With over 0.1 million Granite Ridge Resources Inc (GRNT) shares trading Tuesday and a closing price of $7.62 on the day, the dollar volume was approximately $0.8 million. The shares have shown a negative half year performance of -23.19% and its price on 01/24/23 lost nearly -0.26%. Currently, there are 43.14M common shares owned by the public and among those 12.64M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for GRNT have a consensus price objective of $12.00. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $12.00. The average price target is 36.5% above its recent price level and an upside to the estimated low will see the stock gain 36.5% over that period. But an upside of 36.5% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 14 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 138,072 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 12,196 shares.
The top 3 mutual fund holders in Granite Ridge Resources Inc are First Trust Merger Arbitrage Fund, Granahan Funds Plc – US Focused G, and TD Global Conservative Opportunit. First Trust Merger Arbitrage Fund owns 0.67 million shares of the company’s stock, all valued at over $6.04 million. Granahan Funds Plc – US Focused G sold 8700.0 shares to see its total holdings shrink to 0.63 million shares valued at over $5.7 million and representing 0.47% of the shares outstanding. TD Global Conservative Opportunit sold 88.0 shares to bring its total holdings to over 0.35 million shares at a value of $3.2 million. TD Global Conservative Opportunit now owns shares totaling to 0.27% of the shares outstanding.
Shares of Granite Ridge Resources Inc (NYSE: GRNT) opened at $7.74, up $0.1 from a prior closing price of $7.64. However, the script later moved the day high at 7.80, down -0.26%. The company’s stock has a 5-day price change of -9.29% and -18.85% over the past three months. GRNT shares are trading -15.61% year to date (YTD), with the 12-month market performance down to -22.40% lower. It has a 12-month low price of $7.53 and touched a high of $14.00 over the same period. GRNT has an average intraday trading volume of 67.01K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.50%, -13.90%, and -20.76% respectively.
Institutional ownership of Granite Ridge Resources Inc (NYSE: GRNT) shares accounts for 28.30% of the company’s 43.14M shares outstanding. Mutual fund holders own 1.82%, while other institutional holders and individual stakeholders account for 25.97% and 0.14% respectively.
It has a market capitalization of $1.03B. The earnings-per-share (ttm) stands at -$0.22. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.01% over the week and 5.36% over the month.
Analysts forecast that Granite Ridge Resources Inc (GRNT) will achieve an EPS of $0.43 for the current quarter, $0.34 for the next quarter and $1.43 for 2023. The lowest estimate earnings-per-share for the quarter is $0.43 while analysts give the company a high EPS estimate of $0.43.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Granite Ridge Resources Inc (GRNT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”