Granite Ridge Resources (NYSE:GRNT) Shares Down 6.6% - Here's Why

Key Points

• Shares of Granite Ridge Resources fell about 6.6% intraday to roughly $5.64, with trading volume about 72% below the stock's average (≈229,854 vs. 821,744 shares).
• The company missed quarterly estimates, reporting EPS of $0.01 vs. $0.10 expected and revenue of $105.49 million versus $120.76 million consensus.
• Granite Ridge pays a quarterly dividend of $0.11 (annualized yield ~7.9%), but its dividend payout ratio is an unsustainably high 244.44%.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s stock price was down 6.6% during mid-day trading on Wednesday . The stock traded as low as $5.42 and last traded at $5.6350. Approximately 229,854 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 821,744 shares. The stock had previously closed at $6.03.

Wall Street Analyst Weigh In

GRNT has been the topic of a number of recent analyst reports. Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, March 9th. Weiss Ratings upgraded Granite Ridge Resources from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of "Hold".

Granite Ridge Resources Trading Down 7.2%

The company has a market cap of $735.65 million, a price-to-earnings ratio of 31.09, a PEG ratio of 1.06 and a beta of 0.26. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.61. The business's 50 day moving average price is $5.28 and its 200-day moving average price is $5.13.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The company had revenue of $105.49 million for the quarter, compared to analyst estimates of $120.76 million. On average, equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.9%. Granite Ridge Resources's dividend payout ratio (DPR) is currently 244.44%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director John Mccartney acquired 5,000 shares of the company's stock in a transaction on Thursday, March 12th. The stock was acquired at an average price of $5.16 per share, for a total transaction of $25,800.00. Following the purchase, the director directly owned 136,143 shares of the company's stock, valued at $702,497.88. This trade represents a 3.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Tyler Farquharson acquired 12,500 shares of the business's stock in a transaction on Tuesday, March 10th. The stock was acquired at an average cost of $5.21 per share, with a total value of $65,125.00. Following the acquisition, the chief executive officer directly owned 334,743 shares in the company, valued at approximately $1,744,011.03. This trade represents a 3.88% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 43,158 shares of company stock valued at $222,814 in the last 90 days. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in Granite Ridge Resources during the third quarter worth approximately $26,000. Osaic Holdings Inc. lifted its position in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock valued at $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock valued at $36,000 after acquiring an additional 5,492 shares during the period. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources during the 4th quarter worth $35,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock worth $58,000 after purchasing an additional 4,635 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.

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