Granite Ridge Resources (NYSE:GRNT) Shares Gap Down – Time to Sell?

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) gapped down before the market opened on Monday . The stock had previously closed at $6.19, but opened at $5.98. Granite Ridge Resources shares last traded at $5.81, with a volume of 265,235 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Evercore ISI reduced their target price on shares of 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 Down 5.0 %

The stock has a fifty day moving average of $6.22 and a 200-day moving average of $6.29. The company has a market cap of $768.77 million, a PE ratio of 16.33, a PEG ratio of 1.62 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.48%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is presently 122.22%.

Insider Buying and Selling

In related news, CEO Luke C. Brandenberg bought 5,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were acquired at an average price of $6.50 per share, with a total value of $32,500.00. Following the transaction, the chief executive officer now owns 96,633 shares of the company’s stock, valued at $628,114.50. The trade was a 5.46 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller acquired 18,173 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.49 per share, with a total value of $117,942.77. Following the completion of the purchase, the director now directly owns 711,164 shares in the company, 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 a total of 83,174 shares of company stock valued at $520,493 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in 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 buying an additional 2,709 shares during the last quarter. Principal Financial Group Inc. boosted its holdings 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 worth $171,000 after acquiring an additional 3,980 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Granite Ridge Resources during the second quarter worth about $99,000. Finally, Rhumbline Advisers increased its holdings in shares of Granite Ridge Resources by 66.5% during the second quarter. Rhumbline Advisers now owns 73,052 shares of the company’s stock valued at $462,000 after acquiring an additional 29,167 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.