Granite Ridge Resources (NYSE:GRNT) Sees Strong Trading Volume – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT) saw an uptick in trading volume on Thursday . 903,291 shares traded hands during mid-day trading, an increase of 102% from the previous session’s volume of 446,080 shares.The stock last traded at $5.45 and had previously closed at $5.61.

Analyst Upgrades and Downgrades

Separately, Capital One Financial cut Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.60.

Granite Ridge Resources Stock Down 5.6 %

The stock’s 50 day simple moving average is $6.34 and its two-hundred day simple moving average is $6.25. The firm has a market cap of $692.29 million, a P/E ratio of 14.71, a P/E/G ratio of 1.29 and a beta of 0.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.31%. The ex-dividend date is Friday, February 28th. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller bought 41,000 shares of Granite Ridge Resources stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $6.10 per share, with a total value of $250,100.00. Following the acquisition, the director now owns 772,491 shares in the company, valued at approximately $4,712,195.10. This trade represents a 5.60 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg purchased 8,495 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. The trade was a 8.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 50,001 shares of company stock valued at $304,971. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Granite Ridge Resources by 50.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after acquiring an additional 141,634 shares during the last quarter. Barclays PLC lifted its position in Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after purchasing an additional 61,162 shares during the period. Geode Capital Management LLC boosted its holdings in Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after purchasing an additional 21,852 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in Granite Ridge Resources in the 3rd quarter worth approximately $361,000. 31.56% of the stock is currently owned by institutional investors.

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.