Granite Ridge Resources (NYSE:GRNT) Shares Down 4.1% - Time to Sell?

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GRNT. Stephens reaffirmed an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Finally, Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Granite Ridge Resources presently has an average rating of "Hold" and an average price target of $7.33.

Granite Ridge Resources Stock Down 2.3%

The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company's 50 day moving average price is $5.30 and its two-hundred day moving average price is $5.87. The firm has a market cap of $781.56 million, a PE ratio of 16.56, a PEG ratio of 1.29 and a beta of 0.31.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. The business had revenue of $122.93 million for the quarter, compared to the consensus estimate of $115.30 million. On average, equities research analysts expect 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 will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.38%. The ex-dividend date is Friday, May 30th. Granite Ridge Resources's dividend payout ratio (DPR) is 488.89%.

Insider Buying and Selling at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg bought 6,100 shares of Granite Ridge Resources stock in a transaction dated Wednesday, June 4th. The shares were acquired at an average cost of $5.80 per share, with a total value of $35,380.00. Following the completion of the transaction, the chief executive officer now owns 157,267 shares in the company, valued at approximately $912,148.60. This trade represents a 4.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have bought 29,914 shares of company stock valued at $168,331. Insiders own 8.50% of the company's stock.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources during the fourth quarter worth approximately $870,000. Hamilton Lane Advisors LLC lifted its holdings in shares of Granite Ridge Resources by 15.5% during the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after purchasing an additional 1,139,430 shares in the last quarter. Deutsche Bank AG lifted its stake in Granite Ridge Resources by 37.5% in the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock valued at $215,000 after acquiring an additional 9,055 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Granite Ridge Resources by 304.2% during the 4th quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after purchasing an additional 73,531 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock worth $53,000 after purchasing an additional 6,017 shares during the last quarter. Institutional investors and hedge funds 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.