Granite Ridge Resources (NYSE:GRNT) Trading Up 2.5% – Here’s What Happened

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) were up 2.5% during trading on Wednesday . The stock traded as high as $5.13 and last traded at $5.1150. Approximately 632,742 shares changed hands during mid-day trading, an increase of 17% from the average daily volume of 542,751 shares. The stock had previously closed at $4.99.

Analyst Ratings Changes

Several research firms have commented on GRNT. Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. One equities 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 data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Hold” and an average price target of $8.00.

Granite Ridge Resources Trading Up 2.5%

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41. The company has a 50-day moving average of $4.76 and a 200 day moving average of $5.13. The company has a market cap of $671.34 million, a PE ratio of 18.27, a price-to-earnings-growth ratio of 2.45 and a beta of 0.35.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.6%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio is presently 157.14%.

Insiders Place Their Bets

In other news, Director Matthew Reade Miller acquired 9,388 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were acquired at an average price of $5.33 per share, for a total transaction of $50,038.04. Following the completion of the transaction, the director directly owned 1,297,518 shares of the company’s stock, valued at approximately $6,915,770.94. The trade was a 0.73% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Mccartney purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were purchased at an average cost of $5.26 per share, with a total value of $26,300.00. Following the completion of the purchase, the director owned 113,117 shares in the company, valued at $594,995.42. This trade represents a 4.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 30,062 shares of company stock valued at $156,368 over the last three months. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd boosted its position in Granite Ridge Resources by 6.0% in the 2nd quarter. XTX Topco Ltd now owns 36,850 shares of the company’s stock valued at $235,000 after buying an additional 2,095 shares during the period. Sherbrooke Park Advisers LLC boosted its holdings in shares of Granite Ridge Resources by 12.9% in the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after purchasing an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after purchasing an additional 2,798 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its position in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.