Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.5% - Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s stock price dropped 3.5% during mid-day trading on Monday . The company traded as low as $6.33 and last traded at $6.30. Approximately 228,861 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 496,526 shares. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

GRNT has been the topic of several recent research reports. Wall Street Zen upgraded Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Stephens reissued an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th.

Granite Ridge Resources Stock Performance

The stock's 50-day moving average price is $5.72 and its 200 day moving average price is $5.87. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.40. The company has a market cap of $821.53 million, a P/E ratio of 69.62 and a beta of 0.36.

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, beating analysts' consensus estimates of $0.20 by $0.02. The business had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. Granite Ridge Resources had a net margin of 2.98% and a return on equity of 13.46%. As a group, research analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.02%. The ex-dividend date of this dividend was Friday, May 30th. Granite Ridge Resources's dividend payout ratio is currently 488.89%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller bought 17,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $5.98 per share, for a total transaction of $101,660.00. Following the purchase, the director directly owned 1,261,877 shares in the company, valued at $7,546,024.46. This trade represents a 1.37% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Luke C. Brandenberg bought 18,252 shares of the stock in a transaction on Thursday, May 15th. The stock was acquired at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the acquisition, the chief executive officer directly owned 151,167 shares in the company, valued at approximately $838,976.85. The trade was a 13.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 46,896 shares of company stock worth $270,002 over the last quarter. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its holdings in Granite Ridge Resources by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company's stock valued at $2,861,000 after acquiring an additional 18,348 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Granite Ridge Resources by 18.0% during the fourth 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 during the period. Ashton Thomas Private Wealth LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at $200,000. HighTower Advisors LLC acquired a new stake in Granite Ridge Resources during the fourth quarter worth $941,000. Finally, Intech Investment Management LLC acquired a new stake in Granite Ridge Resources during the fourth quarter worth $162,000. Institutional investors own 31.56% of the company's stock.

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.