Granite Ridge Resources (NYSE:GRNT) Shares Down 3.5% – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price fell 3.5% during trading on Tuesday . The stock traded as low as $6.38 and last traded at $6.38. 83,423 shares were traded during mid-day trading, a decline of 81% from the average session volume of 429,245 shares. The stock had previously closed at $6.61.

Analyst Ratings Changes

Separately, Evercore ISI lowered their target price on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th.

Granite Ridge Resources Trading Up 1.4 %

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average is $6.18 and its 200 day moving average is $6.33. The company has a market cap of $864.19 million, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 1.72 and a beta of 0.19.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.66%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Insider Activity at Granite Ridge Resources

In related news, Director Matthew Reade Miller purchased 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average price of $5.97 per share, with a total value of $50,745.00. Following the purchase, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The trade was a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Tyler Farquharson purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average cost of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the chief financial officer now owns 86,723 shares in the company, valued at $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 43,168 shares of company stock worth $273,362 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC grew its stake in Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares in the last quarter. Ground Swell Capital LLC purchased a new stake in shares of Granite Ridge Resources in the third quarter valued at approximately $66,000. nVerses Capital LLC purchased a new stake in shares of Granite Ridge Resources in the second quarter valued at approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after buying an additional 7,965 shares in the last quarter. 31.56% of the stock is 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.