Granite Ridge Resources (NYSE:GRNT) Trading 4.4% Higher – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price rose 4.4% on Thursday . The company traded as high as $5.50 and last traded at $5.5250. Approximately 237,656 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 703,280 shares. The stock had previously closed at $5.29.

Analyst Upgrades and Downgrades

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

Granite Ridge Resources Trading Up 0.6%

The company has a market cap of $721.06 million, a P/E ratio of 30.47, a P/E/G ratio of 1.66 and a beta of 0.34. The business’s 50-day moving average price is $4.99 and its 200 day moving average price is $5.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $105.49 million during the quarter, compared to the consensus estimate of $120.76 million. As a group, analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.11 dividend. The ex-dividend date was Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.0%. Granite Ridge Resources’s dividend payout ratio is currently 244.44%.

Insider Buying and Selling

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the transaction, the chief financial officer directly owned 120,276 shares in the company, valued at approximately $623,029.68. This represents a 4.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Mccartney bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $5.16 per share, for a total transaction of $25,800.00. Following the completion of the acquisition, the director directly owned 136,143 shares in the company, valued at $702,497.88. The trade was a 3.81% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 43,158 shares of company stock valued at $222,814. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently modified their holdings of GRNT. Bank of America Corp DE raised its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after purchasing an additional 4,449,582 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Granite Ridge Resources by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after buying an additional 282,132 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Granite Ridge Resources by 10.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,858,933 shares of the company’s stock worth $13,438,000 after buying an additional 276,567 shares during the period. American Century Companies Inc. grew its stake in Granite Ridge Resources by 12.9% in the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after buying an additional 303,059 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Granite Ridge Resources by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock valued at $6,944,000 after buying an additional 95,810 shares during the last quarter. 31.56% of the stock is currently 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.