Granite Ridge Resources (NYSE:GRNT) Shares Gap Down – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share 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 traded.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut 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 report on Monday, September 30th.

Granite Ridge Resources Stock Down 5.0 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $768.77 million, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23. The company’s fifty day moving average is $6.22 and its 200-day moving average is $6.29.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.48%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.22%.

Insiders Place Their Bets

In related news, CEO Luke C. Brandenberg purchased 5,000 shares of Granite Ridge Resources stock in a transaction on Friday, November 15th. The shares were bought at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the acquisition, the chief executive officer now owns 96,633 shares in the company, valued at approximately $628,114.50. The trade was a 5.46 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller acquired 41,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $6.10 per share, with a total value of $250,100.00. Following the acquisition, the director now directly owns 772,491 shares in the company, valued at approximately $4,712,195.10. The trade was a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 83,174 shares of company stock worth $520,493. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently modified their holdings of GRNT. Charles Schwab Investment Management Inc. raised its stake in Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after purchasing an additional 141,634 shares in the last quarter. Denali Advisors LLC purchased a new stake in shares of Granite Ridge Resources during the 2nd quarter valued at about $802,000. Janus Henderson Group PLC lifted its holdings in shares of Granite Ridge Resources by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock valued at $455,000 after acquiring an additional 21,852 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Granite Ridge Resources in the third quarter worth about $361,000. Finally, CWA Asset Management Group LLC bought a new stake in Granite Ridge Resources during the third quarter worth approximately $711,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.