Granite Ridge Resources (NYSE:GRNT) Shares Up 4.4% – Still a Buy?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price was 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 mid-day trading, a decline of 66% from the average daily volume of 703,280 shares. The stock had previously closed at $5.29.

Wall Street Analyst Weigh In

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

Granite Ridge Resources Stock Up 2.3%

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. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a fifty day moving average price of $4.94 and a two-hundred day moving average price of $5.11.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (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 company had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. On average, research analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

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

Insiders Place Their Bets

In other Granite Ridge Resources news, Director Matthew Reade Miller bought 10,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were purchased at an average price of $5.10 per share, for a total transaction of $51,000.00. Following the purchase, the director directly 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ronald Kyle Kettler bought 5,000 shares of Granite Ridge Resources stock in a transaction dated Tuesday, March 10th. The stock was acquired at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the acquisition, the chief financial officer 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 SEC filing for this purchase provides additional information. Insiders purchased a total of 43,158 shares of company stock worth $222,814 in the last ninety days. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

A number of hedge funds have recently bought and sold shares of GRNT. Bank of America Corp DE grew its stake 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. Zazove Associates LLC bought a new stake in Granite Ridge Resources in the fourth quarter worth about $3,210,000. Goldman Sachs Group Inc. raised its position in Granite Ridge Resources by 115.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock worth $3,890,000 after acquiring an additional 442,900 shares during the period. Jane Street Group LLC purchased a new position in Granite Ridge Resources in the fourth quarter valued at about $1,495,000. Finally, American Century Companies Inc. boosted its stake in 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 valued at $14,397,000 after acquiring an additional 303,059 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors.

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.