Granite Ridge Resources (NYSE:GRNT) Shares Gap Down to $6.50

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) gapped down before the market opened on Friday . The stock had previously closed at $6.50, but opened at $6.35. Granite Ridge Resources shares last traded at $6.33, with a volume of 8,044 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GRNT. Bank of America reaffirmed a “neutral” rating and set a $7.00 price target on shares of Granite Ridge Resources in a research report on Friday, June 14th. Roth Mkm assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, May 15th. They set a “buy” rating and a $8.80 price target on the stock. Finally, Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $7.95.

Granite Ridge Resources Trading Down 0.6 %

The business’s 50-day moving average price is $6.50 and its 200 day moving average price is $6.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55. The firm has a market capitalization of $830.22 million, a price-to-earnings ratio of 14.11, a PEG ratio of 6.64 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The firm had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.11 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 6.93%. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Insider Activity at Granite Ridge Resources

In related news, CFO Tyler Farquharson purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were purchased at an average cost of $6.62 per share, with a total value of $33,100.00. Following the completion of the acquisition, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Granite Ridge Resources news, Director Matthew Reade Miller bought 7,700 shares of the stock in a transaction on Monday, June 3rd. The stock was purchased at an average price of $6.50 per share, for a total transaction of $50,050.00. Following the completion of the purchase, the director now directly owns 666,075 shares in the company, valued at $4,329,487.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of the stock in a transaction on Monday, August 19th. The shares were acquired at an average price of $6.62 per share, with a total value of $33,100.00. Following the purchase, the chief financial officer now owns 76,723 shares of the company’s stock, valued at $507,906.26. The disclosure for this purchase can be found here. Insiders have purchased 39,138 shares of company stock valued at $245,872 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its position in shares of Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after acquiring an additional 7,965 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after acquiring an additional 393,787 shares during the last quarter. Sfmg LLC grew its position in shares of Granite Ridge Resources by 5.5% during the second quarter. Sfmg LLC now owns 191,420 shares of the company’s stock worth $1,212,000 after acquiring an additional 9,960 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Granite Ridge Resources during the second quarter worth about $320,000. Finally, Denali Advisors LLC bought a new position in shares of Granite Ridge Resources during the second quarter worth about $802,000. 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.