Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.5% – Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price traded down 3.5% during trading on Tuesday . The company traded as low as $6.38 and last traded at $6.38. 83,423 shares were traded during mid-day trading, a decline of 81% from the average session volume of 429,245 shares. The stock had previously closed at $6.61.

Analyst Upgrades and Downgrades

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

Granite Ridge Resources Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $849.81 million, a PE ratio of 18.33, a P/E/G ratio of 1.68 and a beta of 0.19. The company’s fifty day simple moving average is $6.15 and its 200 day simple moving average is $6.33.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a dividend yield of 6.77%. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

Insider Buying and Selling

In other news, CFO Tyler Farquharson bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were acquired at an average price of $5.95 per share, with a total value of $29,750.00. Following the acquisition, the chief financial officer now owns 81,723 shares of the company’s stock, valued at approximately $486,251.85. The trade was a 6.52 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Reade Miller purchased 8,500 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average cost of $5.97 per share, with a total value of $50,745.00. Following the completion of the acquisition, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. This trade represents a 1.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 25,495 shares of company stock valued at $158,564. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC boosted its holdings in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares in the last quarter. Ground Swell Capital LLC bought a new position in Granite Ridge Resources during the third quarter valued at approximately $66,000. nVerses Capital LLC purchased a new position in shares of Granite Ridge Resources during the second quarter worth approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Granite Ridge Resources by 20.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after purchasing an additional 7,965 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.