Granite Ridge Resources (NYSE:GRNT) Trading Down 3.5% – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT) shares fell 3.5% during mid-day trading on Tuesday . The company 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 cut their price objective on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research report on Monday, September 30th.

Granite Ridge Resources Stock Up 1.4 %

The business’s 50 day moving average price is $6.18 and its 200-day moving average price is $6.33. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $864.19 million, a PE ratio of 18.36, a P/E/G ratio of 1.72 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the purchase, the chief financial officer now owns 86,723 shares of the company’s stock, valued at approximately $568,035.65. This represents a 6.12 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller purchased 18,173 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.49 per share, with a total value of $117,942.77. Following the purchase, the director now directly owns 711,164 shares of the company’s stock, valued at $4,615,454.36. The trade was a 2.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 43,168 shares of company stock worth $273,362 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently modified their holdings of GRNT. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after acquiring an additional 2,709 shares in the last quarter. Principal Financial Group Inc. increased its stake in Granite Ridge Resources by 17.2% in the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after purchasing an additional 3,980 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Granite Ridge Resources by 14.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after purchasing an additional 7,304 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 52.3% during the 2nd 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 during the last quarter. Finally, Sfmg LLC boosted its holdings in shares of Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after buying an additional 9,960 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.