Granite Ridge Resources (NYSE:GRNT) Stock Price Up 5.3% – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT) was up 5.3% during mid-day trading on Tuesday. The company traded as high as $5.07 and last traded at $5.0650. 653,565 shares changed hands during trading, a decline of 33% from the average daily volume of 980,688 shares. The stock had previously closed at $4.81.

Analysts Set New Price Targets

GRNT has been the subject of several research analyst reports. Northland Securities started coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target for the company. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Finally, Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Granite Ridge Resources Stock Performance

The stock’s 50-day moving average price is $4.89 and its 200 day moving average price is $5.01. The firm has a market cap of $673.35 million, a P/E ratio of -24.30 and a beta of 0.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. As a group, equities analysts predict that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Friday, August 28th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.6%. The ex-dividend date of this dividend was Friday, August 28th. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

Insider Transactions at Granite Ridge Resources

In related news, Director Matthew Miller acquired 10,000 shares of the company’s stock in a transaction on Friday, September 11th. The stock was purchased at an average cost of $5.03 per share, with a total value of $50,300.00. Following the acquisition, the director directly owned 1,974,292 shares of the company’s stock, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ronald Kettler purchased 6,000 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the purchase, the chief financial officer owned 135,276 shares of the company’s stock, valued at $683,143.80. This represents a 4.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 24,000 shares of company stock worth $120,800. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several large investors have recently bought and sold shares of the business. Squarepoint Ops LLC purchased a new stake in shares of Granite Ridge Resources in the second quarter valued at about $1,329,000. BlackRock Inc. purchased a new position in Granite Ridge Resources during the second quarter worth about $21,910,000. Dimensional Fund Advisors LP boosted its holdings in Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after purchasing an additional 448,066 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Granite Ridge Resources during the second quarter worth about $4,162,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources in the 1st quarter worth about $6,624,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge’s asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.