Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.7% - Time to Sell?

Key Points

• Granite Ridge Resources shares fell by 3.7%, with stock trading at $5.56, significantly below average daily volumes as only 40,171 shares changed hands.
• The company reported a quarterly earnings miss, with EPS of $0.11 compared to the expected $0.13, alongside $109.22 million in revenue.
• Wall Street Zen downgraded the stock from a "buy" to a "hold" rating, with the average target price now set at $7.50.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s share price dropped 3.7% during trading on Monday . The stock traded as low as $5.56 and last traded at $5.56. Approximately 40,171 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 550,704 shares. The stock had previously closed at $5.77.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.50.

Granite Ridge Resources Trading Down 4.4%

The company has a fifty day simple moving average of $5.36 and a 200-day simple moving average of $5.53. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $723.84 million, a price-to-earnings ratio of 22.98, a P/E/G ratio of 0.82 and a beta of 0.35.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $109.22 million for the quarter, compared to analyst estimates of $109.69 million. Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend was Friday, August 29th. Granite Ridge Resources's payout ratio is 183.33%.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director John Mccartney bought 5,000 shares of the stock in a transaction on Monday, August 18th. The shares were bought at an average price of $5.25 per share, with a total value of $26,250.00. Following the purchase, the director directly owned 82,117 shares in the company, valued at $431,114.25. The trade was a 6.48% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders bought 14,574 shares of company stock worth $77,142. Insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in shares of Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock valued at $28,828,000 after buying an additional 4,449,582 shares in the last quarter. Hamilton Lane Advisors LLC lifted its holdings in Granite Ridge Resources by 15.5% in the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after purchasing an additional 1,139,430 shares during the last quarter. Nuveen LLC acquired a new position in shares of Granite Ridge Resources during the first quarter worth approximately $5,860,000. Segall Bryant & Hamill LLC acquired a new position in shares of Granite Ridge Resources during the first quarter worth approximately $2,235,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Granite Ridge Resources by 1,115.3% in the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company's stock valued at $1,989,000 after purchasing an additional 286,556 shares in the last quarter. Hedge funds and other 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.

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