Granite Ridge Resources (NYSE:GRNT) Reaches New 1-Year Low – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT) shares reached a new 52-week low during trading on Monday . The stock traded as low as $4.42 and last traded at $4.4450, with a volume of 189751 shares changing hands. The stock had previously closed at $4.68.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Granite Ridge Resources in a report on Friday, October 31st. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.00.

Granite Ridge Resources Price Performance

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The firm’s 50-day moving average price is $5.03 and its 200-day moving average price is $5.34. The stock has a market capitalization of $551.91 million, a PE ratio of 15.02, a PEG ratio of 2.08 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Monday, September 11th. The company reported $0.61 earnings per share for the quarter. The company had revenue of $150.27 million for the quarter. Granite Ridge Resources had a return on equity of 12.12% and a net margin of 8.38%. On average, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 10.5%. The ex-dividend date was Friday, November 28th. Granite Ridge Resources’s dividend payout ratio is presently 157.14%.

Insiders Place Their Bets

In other news, Director Matthew Reade Miller acquired 9,388 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was bought at an average cost of $5.33 per share, with a total value of $50,038.04. Following the completion of the purchase, the director directly owned 1,297,518 shares of the company’s stock, valued at $6,915,770.94. This represents a 0.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Mccartney bought 5,000 shares of Granite Ridge Resources stock in a transaction dated Monday, December 8th. The stock was purchased at an average cost of $5.26 per share, for a total transaction of $26,300.00. Following the purchase, the director owned 113,117 shares of the company’s stock, valued at approximately $594,995.42. This trade represents a 4.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 42,062 shares of company stock valued at $218,808 over the last three months. 8.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new stake in Granite Ridge Resources in the 3rd quarter valued at about $26,000. Osaic Holdings Inc. raised its stake in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the period. Finally, Ieq Capital LLC bought a new position in Granite Ridge Resources in the first quarter worth approximately $62,000. Hedge funds and other 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.