Granite Ridge Resources (NYSE:GRNT) Stock Price Up 6.4% - Here's Why

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GRNT shares. Wall Street Zen upgraded shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Capital One Financial lowered 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 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th.

Granite Ridge Resources Stock Up 6.4%

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 $5.41 and its two-hundred day moving average price is $5.85. The company has a market cap of $838.61 million, a P/E ratio of 71.17 and a beta of 0.31.

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

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.11 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.44 annualized dividend 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 related news, CEO Luke C. Brandenberg purchased 6,100 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was acquired at an average price of $5.80 per share, for a total transaction of $35,380.00. Following the purchase, the chief executive officer now owns 157,267 shares of the company's stock, valued at approximately $912,148.60. This trade represents a 4.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller bought 17,000 shares of the company's stock in a transaction dated Monday, June 16th. The stock was bought at an average price of $5.98 per share, for a total transaction of $101,660.00. Following the acquisition, the director now directly owns 1,261,877 shares of the company's stock, valued at approximately $7,546,024.46. This represents a 1.37% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 46,896 shares of company stock valued at $270,002. Company insiders own 8.50% of the company's stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently made changes to their positions in the company. Grey Rock Energy Management LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $357,018,000. Hamilton Lane Advisors LLC increased its position 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 during the last quarter. Vanguard Group Inc. raised its stake in shares of Granite Ridge Resources by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after purchasing an additional 418,059 shares during the period. Georgetown University boosted its holdings in shares of Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after buying an additional 697,823 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Granite Ridge Resources by 9.4% in the 1st quarter. American Century Companies Inc. now owns 2,249,990 shares of the company's stock worth $13,680,000 after buying an additional 193,912 shares during the last quarter. 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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