Granite Ridge Resources (NYSE:GRNT) Reaches New 52-Week Low – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $5.46 and last traded at $5.50, with a volume of 89369 shares. The stock had previously closed at $5.63.

Analyst Ratings Changes

Separately, Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.60.

Granite Ridge Resources Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm’s 50-day simple moving average is $6.35 and its two-hundred day simple moving average is $6.26. The company has a market capitalization of $738.05 million, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.29 and a beta of 0.22.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 7.79%. Granite Ridge Resources’s payout ratio is currently 122.22%.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 41,000 shares of the stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $6.10 per share, for a total transaction of $250,100.00. Following the completion of the transaction, the director now directly owns 772,491 shares of the company’s stock, valued at $4,712,195.10. This trade represents a 5.60 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Luke C. Brandenberg bought 8,495 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were purchased at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the transaction, the chief executive officer now owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 51,501 shares of company stock worth $314,286. 1.90% of the stock is owned by company insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP boosted its position in Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after acquiring an additional 7,960 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Granite Ridge Resources during the fourth quarter worth approximately $62,000. Ground Swell Capital LLC purchased a new position in shares of Granite Ridge Resources in the 3rd quarter valued at $66,000. KLP Kapitalforvaltning AS purchased a new position in shares of Granite Ridge Resources in the 4th quarter valued at $68,000. Finally, One68 Global Capital LLC acquired a new stake in Granite Ridge Resources during the 4th quarter valued at $71,000. Institutional investors and hedge funds 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.