** 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))