Granite Ridge Resources (NYSE:GRNT) Shares Up 5.3% – Here’s Why

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) traded up 5.3% on Tuesday. The stock traded as high as $5.07 and last traded at $5.0650. Approximately 653,565 shares were traded during mid-day trading, a decline of 33% from the average session volume of 980,688 shares. The stock had previously closed at $4.81.

Analysts Set New Price Targets

GRNT has been the subject of a number of research reports. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Granite Ridge Resources Trading Up 5.3%

The stock’s 50 day moving average is $4.88 and its 200-day moving average is $5.02. The company has a market cap of $668.07 million, a P/E ratio of -24.12 and a beta of 0.24. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. Research analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.7%. Granite Ridge Resources’s dividend payout ratio is presently -209.52%.

Insider Activity

In other news, Director Matthew Miller acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was bought at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the acquisition, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John McCartney acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares in the company, valued at $776,880.72. This represents a 3.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 24,000 shares of company stock worth $120,800 over the last 90 days. 8.60% of the stock is currently owned by insiders.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Granite Ridge Resources in the second quarter worth $25,000. Private Advisor Group LLC purchased a new stake in shares of Granite Ridge Resources during the first quarter valued at $59,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Granite Ridge Resources during the second quarter valued at $47,000. Jefferies Financial Group Inc. purchased a new stake in shares of Granite Ridge Resources during the second quarter valued at $49,000. Finally, Caxton Associates LLP bought a new stake in Granite Ridge Resources in the 1st quarter worth about $66,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc is an independent energy company focused on acquiring, developing and managing oil and natural gas properties in the United States. The company primarily holds non-operated interests, allowing it to participate in a broad portfolio of wells while relying on third-party operators to conduct drilling and production activities.

Granite Ridge’s asset portfolio is concentrated in major U.S. onshore oil and gas regions, including the Permian Basin and other established producing areas.