Granite Ridge Resources (NYSE:GRNT) Trading Down 9.1% on Disappointing Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price dropped 9.1% during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $4.83 and last traded at $5.0930. Approximately 243,844 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 821,021 shares. The stock had previously closed at $5.60.

The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 8.5%. Granite Ridge Resources’s payout ratio is currently 244.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Stephens reduced their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, April 24th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold” and a consensus price target of $11.00.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Ronald Kyle Kettler bought 5,000 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was acquired at an average cost of $5.18 per share, for a total transaction of $25,900.00. Following the completion of the transaction, the chief financial officer directly owned 120,276 shares in the company, valued at $623,029.68. This trade represents a 4.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Mccartney bought 5,000 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were bought at an average price of $5.16 per share, with a total value of $25,800.00. Following the completion of the transaction, the director owned 136,143 shares of the company’s stock, valued at $702,497.88. The trade was a 3.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 43,158 shares of company stock valued at $222,814 over the last quarter. Company insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue bought a new stake in Granite Ridge Resources during the third quarter valued at approximately $26,000. First Horizon Corp bought a new stake in Granite Ridge Resources during the fourth quarter valued at approximately $35,000. Osaic Holdings Inc. lifted its position in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Granite Ridge Resources by 2,398.3% during 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 during the last quarter. Finally, OpenArc Corporate Advisory LLC bought a new stake in Granite Ridge Resources during the fourth quarter valued at approximately $52,000. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Trading Down 7.6%

The firm has a market capitalization of $682.77 million, a P/E ratio of 28.86, a price-to-earnings-growth ratio of 0.51 and a beta of 0.26. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The firm’s 50-day simple moving average is $5.48 and its 200-day simple moving average is $5.15.

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.