Granite Ridge Resources (NYSE:GRNT) Shares Down 4.4% – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT) was down 4.4% during mid-day trading on Wednesday . The stock traded as low as $5.09 and last traded at $5.0850. Approximately 70,161 shares were traded during mid-day trading, a decline of 93% from the average session volume of 946,711 shares. The stock had previously closed at $5.32.

Wall Street Analyst Weigh In

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

Granite Ridge Resources Trading Down 0.3%

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50 day moving average is $4.92 and its 200 day moving average is $5.11. The stock has a market cap of $650.93 million, a price-to-earnings ratio of -23.50 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results 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 company had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.9%. The ex-dividend date of this dividend was Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Granite Ridge Resources during the second quarter worth about $21,910,000. Dimensional Fund Advisors LP increased its position in Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after buying an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Granite Ridge Resources during the first quarter worth approximately $6,624,000. Bank of New York Mellon Corp grew its position in shares of Granite Ridge Resources by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock worth $5,575,000 after acquiring an additional 12,089 shares during the last quarter. Finally, Zazove Associates LLC increased its holdings in shares of Granite Ridge Resources by 1.4% in the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock valued at $4,068,000 after acquiring an additional 9,900 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.