Granite Ridge Resources (NYSE:GRNT) Hits New 52-Week Low – What’s Next?

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Granite Ridge Resources in a research report on Friday, October 31st. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Granite Ridge Resources has an average rating of “Hold” and a consensus price target of $8.00.

Granite Ridge Resources Trading Down 4.8%

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

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

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 9.9%. The ex-dividend date of this dividend was Friday, November 28th. Granite Ridge Resources’s dividend payout ratio is 157.14%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 9,388 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was bought at an average price of $5.33 per share, with a total value of $50,038.04. Following the transaction, the director directly owned 1,297,518 shares in the company, valued at approximately $6,915,770.94. The trade was a 0.73% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kirk Lazarine bought 10,000 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was purchased at an average cost of $4.97 per share, for a total transaction of $49,700.00. Following the completion of the acquisition, the director owned 1,051,997 shares in the company, valued at $5,228,425.09. This trade represents a 0.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 42,062 shares of company stock worth $218,808 over the last quarter. 8.50% of the stock is currently owned by insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently made changes to their positions in the business. Sfmg LLC increased its holdings in shares of Granite Ridge Resources by 28.1% during the 2nd quarter. Sfmg LLC now owns 310,606 shares of the company’s stock worth $1,979,000 after acquiring an additional 68,112 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Granite Ridge Resources during the second quarter worth $659,000. Strs Ohio acquired a new position in shares of Granite Ridge Resources in the first quarter valued at $517,000. American Century Companies Inc. raised its position in shares of Granite Ridge Resources by 4.8% in the second quarter. American Century Companies Inc. now owns 2,358,039 shares of the company’s stock valued at $15,021,000 after purchasing an additional 108,049 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Granite Ridge Resources by 9.2% in the first quarter. Rhumbline Advisers now owns 83,652 shares of the company’s stock valued at $509,000 after purchasing an additional 7,062 shares during the period. 31.56% of the stock is 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.