Granite Ridge Resources (NYSE:GRNT) Share Price Breaks Below 200 Day Moving Average – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT) passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $5.07 and traded as low as $4.59. Granite Ridge Resources shares last traded at $4.6450, with a volume of 1,620,471 shares.

Wall Street Analyst Weigh In

GRNT has been the subject of a number of recent analyst reports. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a report on Tuesday, October 20th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Granite Ridge Resources Trading Down 9.1%

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a fifty day simple moving average of $5.03 and a two-hundred day simple moving average of $5.07. The firm has a market cap of $612.68 million, a PE ratio of -22.12 and a beta of 0.19.

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

Insider Buying and Selling

In other news, Director John McCartney purchased 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average cost of $5.04 per share, with a total value of $25,200.00. Following the completion of the purchase, the director directly owned 154,143 shares in the company, valued at approximately $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Miller bought 10,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 11th. The stock was acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the transaction, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. This trade represents a 0.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 24,000 shares of company stock valued at $120,800 over the last ninety days. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Granite Ridge Resources in the 2nd quarter worth $21,910,000. Dimensional Fund Advisors LP boosted its stake in shares of Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after acquiring an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Granite Ridge Resources during the 1st quarter valued at approximately $6,624,000. CWA Asset Management Group LLC grew its position in Granite Ridge Resources by 15.9% in the third quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after acquiring an additional 144,933 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Granite Ridge Resources by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock worth $5,575,000 after acquiring an additional 12,089 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.