Granite Ridge Resources (NYSE:GRNT) Stock Price Up 5.6% – Time to Buy?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price was up 5.6% on Tuesday. The company traded as high as $5.98 and last traded at $5.9850. Approximately 1,032,190 shares changed hands during trading, an increase of 0% from the average daily volume of 1,028,039 shares. The stock had previously closed at $5.67.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GRNT shares. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. One 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Granite Ridge Resources Price Performance

The business has a 50 day moving average of $5.08 and a 200 day moving average of $5.09. The company has a market cap of $855.69 million, a PE ratio of -16.21 and a beta of 0.19. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.90.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. The business had revenue of $177.21 million for the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a negative net margin of 9.31% and a positive return on equity of 6.82%. As a group, research analysts predict that Granite Ridge Resources, Inc. will post 0.51 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Friday, November 27th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, November 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -110.00%.

Insider Activity

In related news, Director John McCartney purchased 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average price of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares of the company’s stock, valued at $776,880.72. This represents a 3.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ronald Kettler purchased 6,000 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the completion of the purchase, the chief financial officer owned 135,276 shares of the company’s stock, valued at $683,143.80. This represents a 4.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 21,000 shares of company stock valued at $105,800. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Focus Advisor Solutions LLC bought a new position in Granite Ridge Resources in the third quarter worth $45,000. Virtus Advisers LLC boosted its holdings in shares of Granite Ridge Resources by 16.1% during the 3rd quarter. Virtus Advisers LLC now owns 29,762 shares of the company’s stock valued at $129,000 after buying an additional 4,134 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Granite Ridge Resources by 145.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 287,706 shares of the company’s stock worth $1,249,000 after buying an additional 170,538 shares during the period. R Squared Ltd purchased a new stake in shares of Granite Ridge Resources in the 3rd quarter worth about $102,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Granite Ridge Resources in the 3rd quarter worth about $46,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

About Granite Ridge Resources

Granite Ridge Resources, Inc. is an independent energy company that acquires, develops and produces oil and natural gas properties in the United States. Its portfolio is primarily made up of non-operated interests, with third-party companies managing day-to-day field operations. The company’s assets provide exposure to several U.S. producing regions, including the Permian, Bakken, Eagle Ford and DJ basins. Its production includes crude oil, natural gas and natural gas liquids. Granite Ridge became a publicly traded company in 2022 through a business combination with Executive Network Partnering Corporation.