Granite Ridge Resources (NYSE:GRNT) Trading Down 4.1% - Here's What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) traded down 4.1% on Thursday . The stock traded as low as $5.85 and last traded at $5.85. 66,658 shares were traded during trading, a decline of 86% from the average session volume of 478,381 shares. The stock had previously closed at $6.10.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GRNT shares. Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Capital One Financial cut Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Finally, Stephens reissued an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a report on Friday, March 7th.

Granite Ridge Resources Stock Up 0.5%

The company's 50-day moving average price is $5.32 and its 200 day moving average price is $5.85. The stock has a market capitalization of $785.50 million, a P/E ratio of 16.64, a P/E/G ratio of 1.29 and a beta of 0.31. 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 (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The firm had revenue of $122.93 million for the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a $0.11 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.35%. Granite Ridge Resources's dividend payout ratio is currently 488.89%.

Insider Activity at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg bought 18,252 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $5.55 per share, for a total transaction of $101,298.60. Following the acquisition, the chief executive officer now owns 151,167 shares in the company, valued at $838,976.85. This trade represents a 13.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders bought 29,352 shares of company stock valued at $165,089. Insiders own 8.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC lifted its holdings in shares of Granite Ridge Resources by 2.0% in the 1st quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company's stock worth $730,000 after acquiring an additional 2,322 shares during the last quarter. Invesco Ltd. raised its position in Granite Ridge Resources by 3.1% in the 1st quarter. Invesco Ltd. now owns 78,212 shares of the company's stock worth $476,000 after purchasing an additional 2,344 shares during the period. Victory Capital Management Inc. lifted its stake in Granite Ridge Resources by 18.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock worth $116,000 after purchasing an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Granite Ridge Resources by 16.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock worth $127,000 after purchasing an additional 2,759 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Granite Ridge Resources by 5.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock valued at $388,000 after buying an additional 3,272 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.