Granite Ridge Resources (NYSE:GRNT) Stock Price Down 4.8%

Granite Ridge Resources, Inc. (NYSE:GRNT) shares were down 4.8% during mid-day trading on Wednesday . The company traded as low as $6.38 and last traded at $6.39. Approximately 139,917 shares were traded during trading, a decline of 65% from the average daily volume of 399,313 shares. The stock had previously closed at $6.71.

Granite Ridge Resources Stock Up 3.4 %

The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $6.37 and a 200-day moving average price of $6.08. The firm has a market cap of $864.88 million, a P/E ratio of 10.80 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Granite Ridge Resources had a return on equity of 16.35% and a net margin of 20.58%. The company had revenue of $106.80 million for the quarter. During the same period in the previous year, the business earned $0.38 EPS. On average, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.64 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.64%. The ex-dividend date was Thursday, February 29th. Granite Ridge Resources’s payout ratio is currently 72.13%.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Tyler Farquharson purchased 5,000 shares of the stock in a transaction on Friday, March 15th. The stock was acquired at an average price of $6.20 per share, with a total value of $31,000.00. Following the completion of the acquisition, the chief financial officer now owns 68,037 shares in the company, valued at $421,829.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders have purchased a total of 9,250 shares of company stock valued at $57,190 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors have recently added to or reduced their stakes in GRNT. Northwestern University acquired a new stake in Granite Ridge Resources in the third quarter worth about $30,648,000. Hamilton Lane Advisors LLC raised its stake in shares of Granite Ridge Resources by 122.2% in the third quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock worth $51,306,000 after purchasing an additional 4,625,595 shares during the last quarter. Georgetown University purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth about $15,818,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Granite Ridge Resources in the third quarter worth about $9,368,000. Finally, Maven Securities LTD purchased a new position in shares of Granite Ridge Resources in the third quarter worth about $1,492,000. Institutional investors and hedge funds 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.