Granite Ridge Resources (NYSE:GRNT) Trading Down 3.1% - What's Next?

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) shares dropped 3.1% during mid-day trading on Monday . The company traded as low as $4.76 and last traded at $4.74. Approximately 78,809 shares traded hands during trading, a decline of 84% from the average daily volume of 486,097 shares. The stock had previously closed at $4.89.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Capital One Financial downgraded shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Stephens reiterated an "overweight" rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $7.70.

Granite Ridge Resources Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $652.40 million, a PE ratio of 13.82, a P/E/G ratio of 1.29 and a beta of 0.20. The company's fifty day simple moving average is $5.68 and its 200 day simple moving average is $6.08.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 8.84%. Granite Ridge Resources's dividend payout ratio is currently 314.29%.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently modified their holdings of GRNT. SummerHaven Investment Management LLC grew its stake in Granite Ridge Resources by 2.0% during the first quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company's stock valued at $730,000 after acquiring an additional 2,322 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Granite Ridge Resources by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after purchasing an additional 2,735 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Granite Ridge Resources by 16.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock worth $127,000 after purchasing an additional 2,759 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Granite Ridge Resources by 5.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock worth $388,000 after buying an additional 3,272 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Granite Ridge Resources by 222.4% in the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock worth $53,000 after buying an additional 6,017 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.