Brokerage upgrades Granite Ridge Resources to 'buy'

Granite Ridge Resources

18/11/2024 17:30

** Shares of Granite Ridge Resources  GRNT.N  up 3% at $6.58
    ** Gerdes Energy Research raises GRNT stock rating to "buy"
from "neutral", PT unchanged at $8
    ** Brokerage says GRNT's ability to choose and invest in
individual wells provides it flexibility to the timing and
magnitude of capital expenditures, unburdened by drilling
commitments
    ** Adds that the company's "non-operated" development model
avoids costs of finding new oil and gas reserves, and the need
to buy large "contiguous acreage" tracts of land
    ** "The industry's strategic shift toward free cash flow is
expanding Granite Ridge's acquisition opportunities," brokerage
adds further 
    ** Up to last close, stock up 6% YTD

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com))