Granite Ridge Resources (NYSE:GRNT) Shares Gap Down – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $4.80, but opened at $4.68. Granite Ridge Resources shares last traded at $4.6150, with a volume of 6,418 shares.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GRNT. Weiss Ratings restated a “hold (c-)” rating on shares of Granite Ridge Resources in a report on Friday, October 31st. Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 22nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources currently has an average rating of “Hold” and an average target price of $8.00.

Granite Ridge Resources Price Performance

The firm has a 50 day moving average price of $5.06 and a two-hundred day moving average price of $5.37. The company has a market cap of $612.94 million, a P/E ratio of 16.68, a P/E/G ratio of 2.18 and a beta of 0.34. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41.

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

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date was Friday, November 28th. Granite Ridge Resources’s dividend payout ratio is presently 157.14%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director John Mccartney acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was bought at an average cost of $5.26 per share, with a total value of $26,300.00. Following the acquisition, the director owned 113,117 shares in the company, valued at approximately $594,995.42. This represents a 4.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kirk Lazarine bought 10,000 shares of the stock in a transaction on Friday, November 21st. The shares were acquired at an average cost of $4.97 per share, for a total transaction of $49,700.00. Following the acquisition, the director directly owned 1,051,997 shares in the company, valued at approximately $5,228,425.09. This trade represents a 0.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 42,062 shares of company stock valued at $218,808. Company insiders own 8.50% of the company’s stock.

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares during the period. Vanguard Group Inc. boosted its position in shares of Granite Ridge Resources by 6.7% in the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock valued at $24,197,000 after acquiring an additional 282,132 shares during the period. American Century Companies Inc. boosted its position in shares of Granite Ridge Resources by 12.9% in the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after acquiring an additional 303,059 shares during the period. Dimensional Fund Advisors LP grew its stake in Granite Ridge Resources by 11.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,582,366 shares of the company’s stock valued at $13,972,000 after acquiring an additional 265,080 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Granite Ridge Resources by 2.0% during the second quarter. Geode Capital Management LLC now owns 1,297,868 shares of the company’s stock valued at $8,269,000 after acquiring an additional 25,846 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

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.