Granite Ridge Resources downgraded to Hold from Buy at Freedom Capital

Freedom Capital analyst Sergey Pigarev downgraded Granite Ridge Resources (GRNT) to Hold from Buy with a price target of $7, down from $7.80. Granite management’s strategy of “aggressively increasing production no matter what” appears “questionable” given the high cost of debt, ongoing negative trends in the oil market and OPEC+ countries increasing production, the analyst tells investors.