Granite Ridge Resources (NYSE:GRNT) Shares Down 4.8%

Granite Ridge Resources, Inc. (NYSE:GRNT) shares fell 4.8% during trading on Wednesday . The company traded as low as $6.38 and last traded at $6.39. 139,917 shares traded hands during trading, a decline of 65% from the average session volume of 399,313 shares. The stock had previously closed at $6.71.

Granite Ridge Resources Trading Down 4.3 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 2.44. The stock has a market capitalization of $837.49 million, a P/E ratio of 10.52 and a beta of 0.21. The stock has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $6.08.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.01. Granite Ridge Resources had a net margin of 20.58% and a return on equity of 16.35%. The business had revenue of $106.80 million for the quarter. During the same quarter last year, the firm earned $0.38 EPS. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.64 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 6.85%. The ex-dividend date was Thursday, February 29th. Granite Ridge Resources’s payout ratio is currently 72.13%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Tyler Farquharson bought 5,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average price of $6.20 per share, for a total transaction of $31,000.00. Following the acquisition, the chief financial officer now owns 68,037 shares in the company, valued at approximately $421,829.40. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders bought 9,250 shares of company stock valued at $57,190. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in Granite Ridge Resources by 507.6% in the second quarter. Barclays PLC now owns 5,225 shares of the company’s stock worth $35,000 after acquiring an additional 4,365 shares in the last quarter. Strs Ohio boosted its stake in Granite Ridge Resources by 27.8% in the 3rd quarter. Strs Ohio now owns 94,200 shares of the company’s stock worth $574,000 after purchasing an additional 20,500 shares in the last quarter. Northwestern University purchased a new stake in Granite Ridge Resources during the 3rd quarter valued at about $30,648,000. Teacher Retirement System of Texas bought a new stake in Granite Ridge Resources during the 3rd quarter valued at about $260,000. Finally, Sfmg LLC raised its holdings in Granite Ridge Resources by 1.8% in the third quarter. Sfmg LLC now owns 184,454 shares of the company’s stock worth $1,125,000 after buying an additional 3,277 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.