Granite Ridge Resources (NYSE:GRNT) Trading Down 3.1% – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price traded down 3.1% on Monday . The company traded as low as $4.76 and last traded at $4.74. 78,809 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 486,097 shares. The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

Several research firms have commented on GRNT. Capital One Financial lowered Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Stephens reissued an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources has a consensus rating of “Moderate Buy” and an average price target of $7.70.

Granite Ridge Resources Stock Performance

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $5.81 and a 200 day moving average price of $6.12. The firm has a market capitalization of $622.67 million, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 9.24%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is 314.29%.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Grey Rock Energy Management LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $357,018,000. Hamilton Lane Advisors LLC grew its stake in shares of Granite Ridge Resources by 15.5% in the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company’s stock worth $51,562,000 after acquiring an additional 1,139,430 shares in the last quarter. Spider Management Company LLC increased its position in shares of Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after acquiring an additional 872,282 shares during the period. Vanguard Group Inc. raised its stake in shares of Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock valued at $27,353,000 after acquiring an additional 418,059 shares in the last quarter. Finally, Georgetown University boosted its holdings in Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after purchasing an additional 697,823 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.