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

Granite Ridge Resources, Inc. (NYSE:GRNT) traded up 5.6% during trading on Tuesday. The stock traded as high as $5.98 and last traded at $5.9850. 1,032,190 shares were traded 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 recent analyst reports. Freedom Capital raised Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a research note on Tuesday, October 20th. Wall Street Zen raised shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday. 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. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Granite Ridge Resources Trading Up 6.1%

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $793.38 million, a PE ratio of -15.04 and a beta of 0.19. The stock has a 50 day moving average price of $5.04 and a 200-day moving average price of $5.08.

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

Granite Ridge Resources Dividend Announcement

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

Insider Activity

In other Granite Ridge Resources news, CFO Ronald Kettler acquired 6,000 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were bought at an average price of $5.05 per share, with a total value of $30,300.00. Following the completion of the acquisition, the chief financial officer owned 135,276 shares in the company, valued at $683,143.80. This represents a 4.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Miller bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were acquired at an average price of $5.03 per share, with a total value of $50,300.00. Following the completion of the transaction, the director directly owned 1,974,292 shares of the company’s stock, valued at $9,930,688.76. This trade represents a 0.51% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 24,000 shares of company stock valued at $120,800 in the last quarter. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Virtus Advisers LLC raised its stake in Granite Ridge Resources by 16.1% during the 3rd quarter. Virtus Advisers LLC now owns 29,762 shares of the company’s stock worth $129,000 after acquiring an additional 4,134 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Granite Ridge Resources by 145.5% in the third quarter. Russell Investments Group Ltd. now owns 287,706 shares of the company’s stock worth $1,249,000 after purchasing an additional 170,538 shares during the period. R Squared Ltd bought a new position in shares of Granite Ridge Resources in the third quarter worth approximately $102,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Granite Ridge Resources in the third quarter worth $46,000. Finally, Brighton Jones LLC purchased a new stake in shares of Granite Ridge Resources in the third quarter worth $52,000. Hedge funds and other institutional investors 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. 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.