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Granite Ridge Resources Inc. (NYSE: GRNT): Still A Hot Buy?

Granite Ridge Resources Inc. (NYSE:GRNT) price closed higher on Friday, September 15, jumping 0.52% above its previous close.

A look at the daily price movement shows that the last close reads $5.72, with intraday deals fluctuated between $5.545 and $5.80. The company’s 5Y monthly beta was ticking 0.06 while its P/E ratio in the trailing 12-month period read 4.14. Taking into account the 52-week price action we note that the stock hit a 52-week high of $14.00 and 52-week low of $4.82. The stock subtracted -23.23% on its value in the past month.

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Granite Ridge Resources Inc., which has a market valuation of $771.30 million, is expected to release its quarterly earnings report Aug 15, 2022. The company stock has a Forward Dividend ratio of 0.44, while the dividend yield is 7.65%. It is understandable that investor optimism is growing ahead of the company’s current quarter results. Analysts tracking GRNT have forecast the quarterly EPS to grow by 0.25 per share this quarter, while the same analysts predict the annual EPS to hit $0.93 for the year 2023 and up to $1.02 for 2024. In this case, analysts estimate an annual EPS growth of -52.80% for the year and 9.70% for the next year.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give GRNT a short term outlook of 50% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 100% Sell.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 1 analysts have assigned GRNT a recommendation rating as follows: 0 rate it as a Hold; 0 advise Buy while 1 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Granite Ridge Resources Inc. (GRNT) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Overweight, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that GRNT’s price is at present -21.86% off the SMA20 and -20.27% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 28.85, with weekly volatility standing at 11.81%. The indicator jumps to 5.82% when calculated based on the past 30 days. Granite Ridge Resources Inc. (NYSE:GRNT)’s beta value is holding at 0.08, while the average true range (ATR) indicator is currently reading 0.45. Considering analysts have assigned the stock a price target range of $9.00-$9.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $9.00. Based on this estimate, we see that current price is roughly -56.52% off the estimated low and -56.52% off the forecast high. Investors will no doubt be excited to see the share price fall to $9.00, which is the median consensus price, and at that level GRNT would be -56.52% from current price.

An analysis of the Granite Ridge Resources Inc. (NYSE:GRNT) stock in terms of its daily trading volume indicates that the 3-month average is 378.41K. However, this figure increases on the past 10-day timeline to an average of 1.3 million.

Current records show that the company has 132.87M in outstanding shares. The insiders’ percentage holdings are 79.49% of outstanding shares while the percentage share held by institutions stands at 28.30%. The stats also highlight that short interest as of Aug 30, 2023, stood at 0.79 million shares, which puts the short ratio at the time at 4.66. From this we can glean that short interest is 0.59% of company’s current outstanding shares. Notably, we see that shares short in August rose slightly given the previous month’s figure stood at 0.62 million. But the -36.32% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.