Granite Ridge Resources (NYSE:GRNT) Sets New 1-Year Low – Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT) shares hit a new 52-week low during trading on Monday . The stock traded as low as $4.42 and last traded at $4.4450, with a volume of 189751 shares traded. The stock had previously closed at $4.68.

Analyst Ratings Changes

GRNT has been the subject of a number of recent analyst reports. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources currently has an average rating of “Hold” and an average price target of $8.00.

Granite Ridge Resources Price Performance

The stock has a 50-day simple moving average of $5.06 and a 200 day simple moving average of $5.36. The stock has a market capitalization of $584.72 million, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 2.18 and a beta of 0.34. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Monday, September 11th. The company reported $0.61 earnings per share (EPS) for the quarter. The business had revenue of $150.27 million for the quarter. Granite Ridge Resources had a return on equity of 12.12% and a net margin of 8.38%. On average, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 9.9%. The ex-dividend date of this dividend was Friday, November 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is 157.14%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was acquired at an average cost of $5.26 per share, with a total value of $26,300.00. Following the completion of the purchase, the director directly owned 113,117 shares in the company, valued at approximately $594,995.42. This represents a 4.62% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirk Lazarine acquired 10,000 shares of Granite Ridge Resources stock in a transaction on Friday, November 21st. The stock was acquired at an average cost of $4.97 per share, for a total transaction of $49,700.00. Following the completion of the purchase, the director owned 1,051,997 shares of the company’s stock, valued at approximately $5,228,425.09. The trade was a 0.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 42,062 shares of company stock worth $218,808 in the last quarter. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds have recently bought and sold shares of GRNT. Sfmg LLC lifted its stake in Granite Ridge Resources by 28.1% in the second quarter. Sfmg LLC now owns 310,606 shares of the company’s stock valued at $1,979,000 after buying an additional 68,112 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Granite Ridge Resources during the second quarter worth $659,000. Strs Ohio acquired a new stake in shares of Granite Ridge Resources during the first quarter worth $517,000. American Century Companies Inc. lifted its position in Granite Ridge Resources by 4.8% in the 2nd quarter. American Century Companies Inc. now owns 2,358,039 shares of the company’s stock valued at $15,021,000 after acquiring an additional 108,049 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Granite Ridge Resources by 9.2% in the 1st quarter. Rhumbline Advisers now owns 83,652 shares of the company’s stock valued at $509,000 after acquiring an additional 7,062 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.