Granite Ridge Resources (NYSE:GRNT) Shares Down 6.6% – Here’s What Happened

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) fell 6.6% during trading on Wednesday . The company traded as low as $5.42 and last traded at $5.6350. 229,854 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 821,744 shares. The stock had previously closed at $6.03.

Analysts Set New Price Targets

A number of brokerages have issued reports on GRNT. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings raised shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold”.

Granite Ridge Resources Price Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market cap of $735.65 million, a price-to-earnings ratio of 31.09, a PEG ratio of 1.06 and a beta of 0.26. The business has a fifty day moving average price of $5.28 and a 200 day moving average price of $5.13.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. The business had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. As a group, research analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.44 annualized dividend and a dividend yield of 7.9%. Granite Ridge Resources’s payout ratio is 244.44%.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director John Mccartney acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was acquired at an average price of $5.16 per share, with a total value of $25,800.00. Following the purchase, the director directly owned 136,143 shares in the company, valued at approximately $702,497.88. This trade represents a 3.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michele J. Everard bought 5,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was bought at an average price of $5.17 per share, for a total transaction of $25,850.00. Following the transaction, the director directly owned 71,143 shares of the company’s stock, valued at approximately $367,809.31. This represents a 7.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 43,158 shares of company stock worth $222,814 over the last 90 days. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased its holdings in Granite Ridge Resources by 29.1% in the 4th quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock worth $96,000 after purchasing an additional 4,587 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Granite Ridge Resources by 12.5% during the fourth quarter. Invesco Ltd. now owns 135,079 shares of the company’s stock worth $635,000 after purchasing an additional 14,966 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after purchasing an additional 2,596 shares during the last quarter. Zazove Associates LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $3,210,000. Finally, VARCOV Co. acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $405,000. Institutional investors own 31.56% of the company’s stock.

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.