Granite Ridge Resources (NYSE:GRNT) Stock Price Up 0.3% – Should You Buy?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price rose 0.3% during mid-day trading on Monday . The company traded as high as $4.64 and last traded at $4.6150. Approximately 419,451 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 690,390 shares. The stock had previously closed at $4.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 22nd. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, January 8th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $8.00.

Granite Ridge Resources Stock Performance

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The stock’s fifty day simple moving average is $4.82 and its 200 day simple moving average is $5.16. The company has a market cap of $605.72 million, a price-to-earnings ratio of 16.48, a P/E/G ratio of 2.39 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Friday, November 7th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.05). Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The company had revenue of $112.67 million during the quarter, compared to analysts’ expectations of $123.00 million. As a group, analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.5%. Granite Ridge Resources’s dividend payout ratio (DPR) is 157.14%.

Insider Activity

In other news, Director Matthew Reade Miller bought 9,388 shares of Granite Ridge Resources stock in a transaction on Thursday, December 4th. The shares were bought at an average cost of $5.33 per share, with a total value of $50,038.04. Following the completion of the purchase, the director directly owned 1,297,518 shares of the company’s stock, valued at approximately $6,915,770.94. This trade represents a 0.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Mccartney purchased 5,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was purchased at an average cost of $5.26 per share, with a total value of $26,300.00. Following the purchase, the director owned 113,117 shares in the company, valued at approximately $594,995.42. This trade represents a 4.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 42,062 shares of company stock valued at $218,808. 8.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several large investors have recently made changes to their positions in the stock. Great Lakes Advisors LLC purchased a new stake in Granite Ridge Resources in the first quarter valued at approximately $113,000. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources in the first quarter valued at $131,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Granite Ridge Resources in the second quarter valued at $267,000. SummerHaven Investment Management LLC raised its holdings in shares of Granite Ridge Resources by 2.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 122,994 shares of the company’s stock valued at $783,000 after buying an additional 2,950 shares during the period. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at $127,000. 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.