Granite Ridge Resources (NYSE:GRNT) Shares Gap Down – Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.19, but opened at $5.98. Granite Ridge Resources shares last traded at $5.81, with a volume of 265,235 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI decreased their price objective on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research note on Monday, September 30th.

Granite Ridge Resources Stock Performance

The firm has a market cap of $788.39 million, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23. The business has a 50 day simple moving average of $6.21 and a two-hundred day simple moving average of $6.29. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.30%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is presently 122.22%.

Insiders Place Their Bets

In other news, Director Matthew Reade Miller bought 41,000 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $6.10 per share, for a total transaction of $250,100.00. Following the acquisition, the director now owns 772,491 shares of the company’s stock, valued at $4,712,195.10. This represents a 5.60 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the transaction, the chief financial officer now directly owns 86,723 shares in the company, valued at approximately $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 83,174 shares of company stock worth $520,493 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GRNT. American Century Companies Inc. boosted its stake in shares of Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after purchasing an additional 357,705 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Granite Ridge Resources by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after buying an additional 78,636 shares during the period. Geode Capital Management LLC boosted its position in Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after acquiring an additional 317,303 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Granite Ridge Resources by 72.6% in the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after acquiring an additional 393,787 shares during the period. Finally, State Street Corp increased its holdings in shares of Granite Ridge Resources by 1.4% in the 3rd quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after acquiring an additional 12,607 shares during the period. Hedge funds and other 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.