Granite Ridge Resources (NYSE:GRNT) Shares Down 4.4% – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT) traded down 4.4% on Wednesday . The stock traded as low as $5.09 and last traded at $5.0850. 70,161 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 946,711 shares. The stock had previously closed at $5.32.

Analysts Set New Price Targets

GRNT has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Northland Securities started coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target for the company. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Granite Ridge Resources Stock Performance

The company has a fifty day moving average price of $4.91 and a two-hundred day moving average price of $5.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $661.48 million, a P/E ratio of -23.83 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. Equities analysts forecast that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.8%. Granite Ridge Resources’s dividend payout ratio is presently -209.52%.

Insider Buying and Selling

In related news, Director John McCartney bought 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the director directly owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. The trade was a 3.35% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Ronald Kettler purchased 6,000 shares of the stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $5.05 per share, with a total value of $30,300.00. Following the acquisition, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. The trade was a 4.64% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 24,000 shares of company stock valued at $120,800 over the last ninety days. 8.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Granite Ridge Resources in the second quarter valued at approximately $21,910,000. Dimensional Fund Advisors LP increased its stake in Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Granite Ridge Resources during the 1st quarter worth about $6,624,000. Bank of New York Mellon Corp grew its stake in shares of Granite Ridge Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock valued at $5,575,000 after buying an additional 12,089 shares during the period. Finally, Zazove Associates LLC increased its position in Granite Ridge Resources by 1.4% in the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company’s stock valued at $4,068,000 after buying an additional 9,900 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

About Granite Ridge Resources

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.