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Granite Ridge Resources (NYSE:GRNT) Shares Up 6.4% - Time to Buy?

Granite Ridge Resources logo with Energy background

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s share price shot up 6.4% on Friday . The stock traded as high as $6.38 and last traded at $6.40. 834,994 shares changed hands during trading, an increase of 78% from the average session volume of 469,717 shares. The stock had previously closed at $6.01.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Stephens reaffirmed an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th.

Read Our Latest Stock Analysis on GRNT

Granite Ridge Resources Stock Performance

The firm has a market cap of $839.23 million, a PE ratio of 71.12 and a beta of 0.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.20 and a current ratio of 1.20. The firm's 50 day moving average price is $5.47 and its two-hundred day moving average price is $5.85.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. Granite Ridge Resources had a return on equity of 13.46% and a net margin of 2.98%. The company had revenue of $122.93 million during the quarter, compared to analysts' expectations of $115.30 million. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a yield of 6.88%. Granite Ridge Resources's payout ratio is currently 488.89%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 17,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average price of $5.98 per share, with a total value of $101,660.00. Following the purchase, the director now owns 1,261,877 shares in the company, valued at approximately $7,546,024.46. The trade was a 1.37% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Luke C. Brandenberg bought 6,100 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were purchased at an average price of $5.80 per share, with a total value of $35,380.00. Following the completion of the acquisition, the chief executive officer now directly owns 157,267 shares in the company, valued at $912,148.60. This trade represents a 4.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 46,896 shares of company stock worth $270,002 over the last three months. Insiders own 8.50% of the company's stock.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its stake in shares of Granite Ridge Resources by 9.2% in the first quarter. Rhumbline Advisers now owns 83,652 shares of the company's stock worth $509,000 after acquiring an additional 7,062 shares in the last quarter. Strs Ohio purchased a new position in Granite Ridge Resources in the first quarter valued at $517,000. Jane Street Group LLC acquired a new position in Granite Ridge Resources during the 1st quarter worth $131,000. Great Lakes Advisors LLC acquired a new position in Granite Ridge Resources during the 1st quarter worth $113,000. Finally, Ashton Thomas Private Wealth LLC increased its holdings in Granite Ridge Resources by 65.4% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 51,299 shares of the company's stock worth $312,000 after purchasing an additional 20,278 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

About Granite Ridge Resources

(Get Free Report)

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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