Evercore ISI initiated coverage of Granite Ridge Resources with an In Line rating and $8 price target. The firm said that the company is attempting to gain scale, build relevancy, and reduce the cost of capital in a highly competitive market context. Evercore noted that its price target is based on 1x net asset value, which assigns about five years of risked undeveloped inventory.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GRNT:
- Granite Ridge Resources Bolsters Financial Standing with Credit Enhancements
- Granite Ridge Prioritizes Transparency with Investor Presentation
- Granite Ridge sees FY24 annual production 23,250-25,250 Boe/d
- Granite Ridge reports Q4 adjusted EPS 20c, consensus 20c
- GRNT Earnings this Week: How Will it Perform?