Granite Ridge Resources (NYSE:GRNT) Stock Price Up 4.4% – Here’s Why

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) were up 4.4% during mid-day trading on Thursday . The stock traded as high as $5.50 and last traded at $5.5250. Approximately 237,656 shares were traded during trading, a decline of 66% from the average daily volume of 703,280 shares. The stock had previously closed at $5.29.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Granite Ridge Resources presently has a consensus rating of “Hold”.

Granite Ridge Resources Trading Up 2.3%

The firm’s 50-day moving average price is $4.94 and its 200-day moving average price is $5.11. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The company has a market cap of $711.72 million, a P/E ratio of 30.09, a price-to-earnings-growth ratio of 1.61 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The business had revenue of $105.49 million during the quarter, compared to the consensus estimate of $120.76 million. As a group, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a yield of 8.1%. Granite Ridge Resources’s dividend payout ratio is 244.44%.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Ronald Kyle Kettler bought 5,000 shares of Granite Ridge Resources stock in a transaction on Tuesday, March 10th. The stock was acquired at an average price of $5.18 per share, with a total value of $25,900.00. Following the acquisition, the chief financial officer directly owned 120,276 shares of the company’s stock, valued at $623,029.68. This represents a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller purchased 10,000 shares of the stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average cost of $5.10 per share, for a total transaction of $51,000.00. Following the completion of the acquisition, the director owned 1,328,181 shares of the company’s stock, valued at approximately $6,773,723.10. This represents a 0.76% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 43,158 shares of company stock worth $222,814. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently bought and sold shares of GRNT. Bank of America Corp DE boosted its holdings 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 valued at $28,828,000 after purchasing an additional 4,449,582 shares during the period. Vanguard Group Inc. increased its holdings 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 worth $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Granite Ridge Resources by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,858,933 shares of the company’s stock worth $13,438,000 after buying an additional 276,567 shares in the last quarter. American Century Companies Inc. raised 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 worth $14,397,000 after buying an additional 303,059 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Granite Ridge Resources by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock valued at $6,944,000 after buying an additional 95,810 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Company Profile

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.