Granite Ridge Resources (NYSE:GRNT) Sets New 52-Week Low – Here’s Why

Granite Ridge Resources, Inc. (NYSE:GRNT)’s stock price reached a new 52-week low on Friday . The company traded as low as $5.03 and last traded at $5.02, with a volume of 112596 shares. The stock had previously closed at $5.59.

Wall Street Analyst Weigh In

GRNT has been the subject of several research reports. Stephens reaffirmed an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial downgraded shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Price Performance

The stock has a market cap of $640.33 million, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. 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 company has a 50-day simple moving average of $5.99 and a two-hundred day simple moving average of $6.19.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.99%. Granite Ridge Resources’s payout ratio is 314.29%.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in the company. Grey Rock Energy Management LLC acquired a new position in shares of Granite Ridge Resources during the 4th quarter worth about $357,018,000. Spider Management Company LLC increased its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after buying an additional 872,282 shares during the last quarter. Vanguard Group Inc. increased its position in Granite Ridge Resources by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock worth $27,353,000 after buying an additional 418,059 shares during the last quarter. Georgetown University raised its stake in Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after buying an additional 697,823 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Granite Ridge Resources by 16.0% in the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company’s stock valued at $13,282,000 after buying an additional 282,912 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

About Granite Ridge Resources

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.