Granite Ridge Resources (NYSE:GRNT) Stock Price Up 6.6% – What’s Next?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price rose 6.6% during mid-day trading on Monday . The company traded as high as $5.44 and last traded at $5.35. Approximately 553,316 shares traded hands during trading, a decline of 15% from the average daily volume of 653,284 shares. The stock had previously closed at $5.02.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Granite Ridge Resources has an average rating of “Reduce”.

Granite Ridge Resources Stock Up 6.3%

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The firm’s 50 day simple moving average is $4.84 and its two-hundred day simple moving average is $5.13. The firm has a market cap of $700.22 million, a price-to-earnings ratio of 29.66, a PEG ratio of 2.46 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.79% and a net margin of 5.41%.The business had revenue of $105.49 million for the quarter, compared to analyst estimates of $120.76 million. On average, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.2%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s payout ratio is 244.44%.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new stake in shares of Granite Ridge Resources during the 3rd quarter valued at $26,000. First Horizon Corp bought a new position in shares of Granite Ridge Resources in the fourth quarter worth $35,000. Osaic Holdings Inc. increased its position in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its stake in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC acquired a new position in Granite Ridge Resources in the fourth quarter valued at about $52,000. Institutional investors own 31.56% of the company’s stock.

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.