Granite Ridge Resources (NYSE:GRNT) Sees Unusually-High Trading Volume – Here’s Why

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) saw an uptick in trading volume on Friday . 1,168,922 shares changed hands during trading, an increase of 23% from the previous session’s volume of 949,048 shares.The stock last traded at $4.9250 and had previously closed at $4.94.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GRNT shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Northland Securities initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price objective on the stock. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Granite Ridge Resources Stock Down 0.3%

The company has a market cap of $649.61 million, a price-to-earnings ratio of -23.48 and a beta of 0.21. The stock has a 50-day simple moving average of $4.92 and a 200-day simple moving average of $5.11. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. As a group, analysts predict that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were given a dividend of $0.11 per share. The ex-dividend date was Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.9%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Ronald Kettler acquired 6,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 4th. The stock was bought at an average price of $5.05 per share, for a total transaction of $30,300.00. Following the transaction, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. This trade represents a 4.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Miller acquired 10,000 shares of the stock in a transaction dated Friday, September 11th. The stock was acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the purchase, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 24,000 shares of company stock valued at $120,800. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new position in Granite Ridge Resources in the 2nd quarter worth approximately $1,329,000. BlackRock Inc. acquired a new stake in Granite Ridge Resources during the 2nd quarter valued at $21,910,000. Dimensional Fund Advisors LP lifted its holdings in shares of Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Granite Ridge Resources in the first quarter valued at $6,624,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Granite Ridge Resources in the second quarter worth $4,162,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.