Granite Ridge Resources (NYSE:GRNT) Stock Price Down 5.1% – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT) dropped 5.1% on Thursday . The company traded as low as $5.07 and last traded at $5.0950. Approximately 421,729 shares were traded during trading, a decline of 22% from the average daily volume of 538,704 shares. The stock had previously closed at $5.37.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 22nd. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.00.

Granite Ridge Resources Price Performance

The stock has a fifty day moving average of $5.26 and a 200-day moving average of $5.49. The firm has a market capitalization of $673.84 million, a P/E ratio of 18.34, a PEG ratio of 2.12 and a beta of 0.34. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.47.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Monday, September 11th. The company reported $0.61 EPS for the quarter. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The firm had revenue of $150.27 million for the quarter. Equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.6%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 157.14%.

Insider Buying and Selling

In other news, Director Matthew Reade Miller acquired 9,388 shares of Granite Ridge Resources stock in a transaction on Thursday, December 4th. The shares were purchased at an average price of $5.33 per share, with a total value of $50,038.04. Following the acquisition, the director owned 1,297,518 shares in the company, valued at $6,915,770.94. This represents a 0.73% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Mccartney bought 5,000 shares of the stock in a transaction dated Monday, December 8th. The stock was purchased at an average cost of $5.26 per share, with a total value of $26,300.00. Following the completion of the purchase, the director directly owned 113,117 shares in the company, valued at approximately $594,995.42. This trade represents a 4.62% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 42,014 shares of company stock worth $218,694 in the last quarter. Insiders own 8.50% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in Granite Ridge Resources by 9.4% in the first quarter. American Century Companies Inc. now owns 2,249,990 shares of the company’s stock valued at $13,680,000 after purchasing an additional 193,912 shares during the last quarter. Sfmg LLC boosted its holdings in Granite Ridge Resources by 28.1% during the second quarter. Sfmg LLC now owns 310,606 shares of the company’s stock worth $1,979,000 after buying an additional 68,112 shares during the last quarter. Nuveen LLC bought a new position in Granite Ridge Resources during the first quarter worth about $5,860,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $659,000. Finally, Strs Ohio bought a new stake in shares of Granite Ridge Resources in the 1st quarter valued at about $517,000. 31.56% of the stock is owned by 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.