Granite Ridge Resources (NYSE:GRNT) Sees Large Volume Increase

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) saw strong trading volume on Friday . 236,976 shares changed hands during trading, an increase of 90% from the previous session’s volume of 124,732 shares.The stock last traded at $7.60 and had previously closed at $7.40.

Granite Ridge Resources Trading Up 3.5 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.97 and a quick ratio of 1.97. The company’s 50-day moving average is $7.20 and its two-hundred day moving average is $6.35.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, August 10th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The company had revenue of $87.56 million for the quarter. Granite Ridge Resources had a return on equity of 24.71% and a net margin of 37.61%. As a group, sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.93 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.11 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.44 annualized dividend and a dividend yield of 5.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRNT. Hamilton Lane Advisors LLC increased its stake in Granite Ridge Resources by 121.5% in the 1st quarter. Hamilton Lane Advisors LLC now owns 3,804,455 shares of the company’s stock valued at $22,332,000 after buying an additional 2,087,010 shares during the last quarter. BlackRock Inc. increased its position in shares of Granite Ridge Resources by 636.7% during the second quarter. BlackRock Inc. now owns 1,402,820 shares of the company’s stock valued at $9,301,000 after acquiring an additional 1,212,392 shares during the last quarter. State Street Corp lifted its holdings in Granite Ridge Resources by 1,595.2% during the second quarter. State Street Corp now owns 359,713 shares of the company’s stock worth $2,385,000 after acquiring an additional 338,493 shares during the period. Geode Capital Management LLC boosted its position in Granite Ridge Resources by 155.8% in the second quarter. Geode Capital Management LLC now owns 392,018 shares of the company’s stock worth $2,599,000 after purchasing an additional 238,793 shares during the last quarter. Finally, Sfmg LLC purchased a new stake in shares of Granite Ridge Resources during the 1st quarter valued at $1,064,000. 7.56% of the stock is currently owned by hedge funds and other institutional investors.

About Granite Ridge Resources

Granite Ridge Resources, Inc is an infrastructure firm and operates as a non-operated oil and gas exploration and production company. The firm invests in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with operators. Granite Ridge Resources, Inc is headquartered in Dallas, Texas.