Granite Ridge Resources (NYSE:GRNT) Shares Gap Up – Time to Buy?

Granite Ridge Resources, Inc. (NYSE:GRNT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $4.46, but opened at $4.69. Granite Ridge Resources shares last traded at $4.6830, with a volume of 138,407 shares trading hands.

Analyst Upgrades and Downgrades

GRNT has been the topic of a number of research analyst reports. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 23rd. Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Stephens lowered their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Northland Securities assumed coverage on Granite Ridge Resources in a research report on Wednesday. They set an “outperform” rating and a $9.00 price target on the stock. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Stock Down 1.8%

The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a fifty day simple moving average of $4.99 and a 200-day simple moving average of $5.06. The firm has a market cap of $600.79 million, a price-to-earnings ratio of -18.22 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.39 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were paid a $0.11 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a yield of 9.7%. Granite Ridge Resources’s dividend payout ratio is -176.00%.

Insider Activity at Granite Ridge Resources

In related news, CEO Tyler Farquharson acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the transaction, the chief executive officer directly owned 344,743 shares of the company’s stock, valued at approximately $1,775,426.45. The trade was a 2.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Griffin Perry acquired 100,000 shares of Granite Ridge Resources stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $5.49 per share, with a total value of $549,000.00. Following the acquisition, the director owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 148,780 shares of company stock worth $798,208 in the last quarter. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently added to or reduced their stakes in GRNT. Sherbrooke Park Advisers LLC boosted its stake in Granite Ridge Resources by 12.9% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after purchasing an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after buying an additional 2,596 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after buying an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Granite Ridge Resources by 15.9% during the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after buying an additional 3,550 shares in the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

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.