Granite Ridge Resources (NYSE:GRNT) Hits New 12-Month High – What’s Next?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $6.19 and last traded at $6.1850, with a volume of 186,290 shares trading hands. The stock had previously closed at $6.03.

Analysts Set New Price Targets

A number of research analysts have issued reports on GRNT shares. Wall Street Zen raised shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Northland Securities set a $11.00 price objective on shares of Granite Ridge Resources in a research note on Tuesday, October 20th. 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 reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Freedom Capital raised Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Granite Ridge Resources presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Granite Ridge Resources Price Performance

The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $857.02 million, a price-to-earnings ratio of -16.24 and a beta of 0.19. The stock has a fifty day moving average of $5.11 and a 200 day moving average of $5.10.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, November 5th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. Granite Ridge Resources had a positive return on equity of 6.82% and a negative net margin of 9.31%. The firm had revenue of $177.21 million for the quarter, compared to analyst estimates of $156.24 million. On average, analysts expect that Granite Ridge Resources, Inc. will post 0.56 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Friday, November 27th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.8%. The ex-dividend date is Friday, November 27th. Granite Ridge Resources’s payout ratio is presently -110.00%.

Insider Activity

In other Granite Ridge Resources news, CFO Ronald Kettler bought 6,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average price of $5.05 per share, with a total value of $30,300.00. Following the completion of the acquisition, the chief financial officer directly owned 135,276 shares in the company, valued at approximately $683,143.80. This trade represents a 4.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John McCartney bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average price of $5.04 per share, with a total value of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares of the company’s stock, valued at $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 21,000 shares of company stock valued at $105,800 in the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Granite Ridge Resources during the 2nd quarter valued at about $21,910,000. Dimensional Fund Advisors LP grew 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 acquiring an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Granite Ridge Resources during the first quarter worth about $6,624,000. CWA Asset Management Group LLC grew its holdings in Granite Ridge Resources by 15.9% during 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 during the period. Finally, Bank of New York Mellon Corp grew its holdings in Granite Ridge Resources by 1.3% during the first 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 period. 31.56% of the stock is owned by institutional investors and hedge funds.

About Granite Ridge Resources

Granite Ridge Resources, Inc. is an independent energy company that acquires, develops and produces oil and natural gas properties in the United States. Its portfolio is primarily made up of non-operated interests, with third-party companies managing day-to-day field operations. The company’s assets provide exposure to several U.S. producing regions, including the Permian, Bakken, Eagle Ford and DJ basins. Its production includes crude oil, natural gas and natural gas liquids. Granite Ridge became a publicly traded company in 2022 through a business combination with Executive Network Partnering Corporation.