Granite Ridge Resources (NYSE:GRNT) Stock Price Up 6.6% – What’s Next?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price traded up 6.6% during mid-day trading on Monday . The company traded as high as $5.44 and last traded at $5.35. 553,316 shares traded hands during trading, a decline of 15% from the average session volume of 653,284 shares. The stock had previously closed at $5.02.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources has an average rating of “Reduce”.

Granite Ridge Resources Stock Performance

The stock has a fifty day simple moving average of $4.84 and a two-hundred day simple moving average of $5.13. The stock has a market cap of $700.22 million, a price-to-earnings ratio of 29.66, a P/E/G ratio of 2.46 and a beta of 0.34. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.79% and a net margin of 5.41%.The business had revenue of $105.49 million for the quarter, compared to analyst estimates of $120.76 million. Analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.2%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s payout ratio is currently 244.44%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd lifted its stake 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 purchasing an additional 2,095 shares during the last quarter. Sherbrooke Park Advisers LLC grew its stake in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after buying an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after buying an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB increased its holdings in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after buying an additional 3,010 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

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.