Granite Ridge Resources (NYSE:GRNT) Shares Down 4.8%

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) were down 4.8% during trading on Wednesday . The company traded as low as $6.38 and last traded at $6.39. Approximately 139,917 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 399,313 shares. The stock had previously closed at $6.71.

Granite Ridge Resources Price Performance

The firm has a market capitalization of $837.49 million, a PE ratio of 10.52 and a beta of 0.21. The stock’s 50 day simple moving average is $6.35 and its two-hundred day simple moving average is $6.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 2.44.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. Granite Ridge Resources had a return on equity of 16.35% and a net margin of 20.58%. The company had revenue of $106.80 million for the quarter. During the same period last year, the firm posted $0.38 EPS. On average, sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.64 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.11 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.44 annualized dividend and a yield of 6.85%. Granite Ridge Resources’s payout ratio is 72.13%.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average cost of $6.20 per share, for a total transaction of $31,000.00. Following the acquisition, the chief financial officer now owns 68,037 shares in the company, valued at approximately $421,829.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased 9,250 shares of company stock valued at $57,190 over the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently modified their holdings of GRNT. Georgetown University purchased a new stake in Granite Ridge Resources during the fourth quarter worth about $15,818,000. Trexquant Investment LP increased its stake in Granite Ridge Resources by 80.9% during the 4th quarter. Trexquant Investment LP now owns 233,397 shares of the company’s stock worth $1,405,000 after buying an additional 104,392 shares during the period. Swiss National Bank boosted its position in Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after buying an additional 6,900 shares during the period. J.W. Cole Advisors Inc. acquired a new position in shares of Granite Ridge Resources in the fourth quarter worth $110,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Granite Ridge Resources during the fourth quarter worth $79,000. 31.56% of the stock is owned by institutional investors and hedge funds.

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.