Granite Ridge Resources (NYSE:GRNT) Trading Down 6.1% - Here's What Happened

Key Points

• Granite Ridge Resources' share price fell by 6.1% to $5.30, marking a significant decrease from its previous close of $5.64, with trading volume down by 32% from average levels.
• Analysts have downgraded Granite Ridge from a "buy" to a "hold" rating, with a consensus price target of $7.50 and expectations of $0.52 earnings per share for the current fiscal year.
• The company announced a quarterly dividend of $0.11 per share, resulting in an annualized yield of 8.3%, despite a high dividend payout ratio of 183.33%.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s share price traded down 6.1% on Wednesday . The stock traded as low as $5.31 and last traded at $5.30. 376,759 shares changed hands during trading, a decline of 32% from the average session volume of 555,656 shares. The stock had previously closed at $5.64.

Wall Street Analysts Forecast Growth

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

Granite Ridge Resources Stock Performance

The stock's 50 day moving average is $5.56 and its two-hundred day moving average is $5.58. The firm has a market capitalization of $697.59 million, a P/E ratio of 22.15, a P/E/G ratio of 0.79 and a beta of 0.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 1.32.

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

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date is Friday, August 29th. Granite Ridge Resources's dividend payout ratio (DPR) is currently 183.33%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller bought 17,000 shares of Granite Ridge Resources stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the completion of the acquisition, the director owned 1,261,877 shares in the company, valued at approximately $7,546,024.46. The trade was a 1.37% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Mccartney bought 5,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $5.25 per share, with a total value of $26,250.00. Following the completion of the purchase, the director owned 82,117 shares of the company's stock, valued at approximately $431,114.25. This trade represents a 6.48% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 31,518 shares of company stock valued at $178,845. Corporate insiders own 8.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GRNT. EverSource Wealth Advisors LLC raised its holdings in Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock worth $36,000 after acquiring an additional 5,492 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Granite Ridge Resources by 892.9% in the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after buying an additional 6,375 shares during the last quarter. Parallel Advisors LLC grew its stake 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 valued at $53,000 after buying an additional 6,017 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock worth $58,000 after buying an additional 4,635 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $62,000. 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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