Granite Ridge Resources (NYSE:GRNT) Stock Jumps 5.6% – What’s Next?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price rose 5.6% during trading on Tuesday. The company traded as high as $5.98 and last traded at $5.9850. 1,032,190 shares traded hands during mid-day trading, an increase of 0% from the average daily volume of 1,028,039 shares. The stock had previously closed at $5.67.

Analyst Upgrades and Downgrades

GRNT has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Granite Ridge Resources Trading Up 6.1%

The firm has a market cap of $793.38 million, a PE ratio of -15.04 and a beta of 0.19. The firm has a fifty day simple moving average of $5.04 and a two-hundred day simple moving average of $5.08. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, November 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. The firm had revenue of $177.21 million for the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Equities analysts forecast that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Friday, November 27th will be issued a $0.11 dividend. The ex-dividend date is Friday, November 27th. This represents a $0.44 annualized dividend and a yield of 7.3%. Granite Ridge Resources’s dividend payout ratio is -110.00%.

Insider Transactions at Granite Ridge Resources

In related news, Director John McCartney bought 5,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average price of $5.04 per share, with a total value of $25,200.00. Following the purchase, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. This trade represents a 3.35% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Miller bought 10,000 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were bought at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the purchase, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. This represents a 0.51% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 24,000 shares of company stock valued at $120,800. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several large investors have recently bought and sold shares of GRNT. BlackRock Inc. bought a new position in shares of Granite Ridge Resources in the 2nd quarter worth approximately $21,910,000. Dimensional Fund Advisors LP lifted its position in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after acquiring an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources in the 1st quarter worth $6,624,000. Bank of New York Mellon Corp increased its holdings 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 worth $5,575,000 after purchasing an additional 12,089 shares in the last quarter. Finally, CWA Asset Management Group LLC raised its stake in shares of Granite Ridge Resources by 15.9% in the third quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after purchasing an additional 144,933 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc. (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids. Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S. oil and gas regions, including the Permian Basin and other Lower 48 plays.