Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.7% – Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT) was down 3.7% during trading on Monday . The company traded as low as $5.56 and last traded at $5.56. Approximately 40,171 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 550,704 shares. The stock had previously closed at $5.77.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Granite Ridge Resources from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold” and a consensus price target of $7.50.

Granite Ridge Resources Stock Down 4.4%

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a 50 day simple moving average of $5.36 and a 200-day simple moving average of $5.53. The stock has a market capitalization of $723.84 million, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%.The company had revenue of $109.22 million for the quarter, compared to analyst estimates of $109.69 million. On average, sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.0%. The ex-dividend date was Friday, August 29th. Granite Ridge Resources’s dividend payout ratio is currently 183.33%.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney bought 5,000 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the acquisition, the director owned 82,117 shares of the company’s stock, valued at approximately $431,114.25. This trade represents a 6.48% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders acquired a total of 14,574 shares of company stock worth $77,142 in the last quarter. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Several large investors have recently made changes to their positions in GRNT. Bank of America Corp DE grew its holdings in shares of Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares during the last quarter. Hamilton Lane Advisors LLC grew its holdings in shares of Granite Ridge Resources by 15.5% during the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company’s stock worth $51,562,000 after purchasing an additional 1,139,430 shares during the last quarter. Nuveen LLC bought a new stake in shares of Granite Ridge Resources during the first quarter worth $5,860,000. Segall Bryant & Hamill LLC bought a new stake in shares of Granite Ridge Resources during the first quarter worth $2,235,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Granite Ridge Resources by 1,115.3% during the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock worth $1,989,000 after purchasing an additional 286,556 shares during 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.