Granite Ridge Resources (NYSE:GRNT) Sees Unusually-High Trading Volume – Still a Buy?

Granite Ridge Resources, Inc. (NYSE:GRNT) saw an uptick in trading volume on Friday . 1,830,428 shares changed hands during mid-day trading, an increase of 317% from the previous session’s volume of 438,803 shares.The stock last traded at $6.03 and had previously closed at $5.62.

Wall Street Analyst Weigh In

Separately, Evercore ISI reduced their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th.

Granite Ridge Resources Stock Performance

The company’s fifty day moving average price is $6.22 and its two-hundred day moving average price is $6.29. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $809.31 million, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.11 per share. The ex-dividend date was Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 7.11%. Granite Ridge Resources’s dividend payout ratio is presently 122.22%.

Insider Activity

In other news, Director Matthew Reade Miller acquired 18,173 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the purchase, the director now directly owns 711,164 shares of the company’s stock, valued at approximately $4,615,454.36. This trade represents a 2.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg bought 5,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was purchased at an average price of $6.50 per share, with a total value of $32,500.00. Following the completion of the purchase, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at approximately $628,114.50. This trade represents a 5.46 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 83,174 shares of company stock valued at $520,493 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GRNT. Charles Schwab Investment Management Inc. boosted its stake in Granite Ridge Resources by 50.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after acquiring an additional 141,634 shares during the last quarter. Denali Advisors LLC bought a new position in shares of Granite Ridge Resources during the second quarter worth about $802,000. Janus Henderson Group PLC grew its stake in Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after purchasing an additional 21,852 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Granite Ridge Resources in the third quarter valued at about $361,000. Finally, CWA Asset Management Group LLC acquired a new stake in Granite Ridge Resources during the third quarter valued at approximately $711,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.