Granite Ridge Resources (NYSE:GRNT) Shares Gap Up – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $4.46, but opened at $4.69. Granite Ridge Resources shares last traded at $4.6830, with a volume of 138,407 shares trading hands.

Wall Street Analysts Forecast Growth

GRNT has been the subject of a number of analyst reports. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 23rd. Northland Securities began coverage on Granite Ridge Resources in a report on Wednesday. They set an “outperform” rating and a $9.00 price target for the company. Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Finally, Stephens dropped their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Stock Performance

The company has a market capitalization of $623.23 million, a price-to-earnings ratio of -18.86 and a beta of 0.21. The company has a 50 day moving average price of $5.04 and a 200 day moving average price of $5.06. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Equities research analysts predict that Granite Ridge Resources, Inc. will post 0.39 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 9.3%. The ex-dividend date was Friday, May 29th. Granite Ridge Resources’s payout ratio is -176.00%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Tyler Farquharson acquired 10,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were purchased at an average price of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the acquisition, the chief executive officer owned 344,743 shares in the company, valued at approximately $1,775,426.45. This represents a 2.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Griffin Perry acquired 100,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was acquired at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the purchase, the director directly owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. This represents a 9.40% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 148,780 shares of company stock worth $798,208. Company insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sherbrooke Park Advisers LLC boosted its position in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after buying an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Granite Ridge Resources by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after buying an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after acquiring an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after acquiring an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after acquiring an additional 3,550 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

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.