Granite Ridge Resources (NYSE:GRNT) Stock Price Down 4.8%

Granite Ridge Resources, Inc. (NYSE:GRNT) shares dropped 4.8% during mid-day trading on Wednesday . The company traded as low as $6.38 and last traded at $6.39. Approximately 139,917 shares changed 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 Trading Up 3.4 %

The business has a fifty day simple moving average of $6.37 and a 200-day simple moving average of $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. The firm has a market cap of $864.88 million, a price-to-earnings ratio of 10.80 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, March 7th. The company reported $0.20 earnings per share (EPS) 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 business had revenue of $106.80 million during the quarter. During the same period in the previous year, the company earned $0.38 EPS. As a group, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.64 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 6.64%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 72.13%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average price of $6.20 per share, for a total transaction of $31,000.00. Following the transaction, the chief financial officer now directly owns 68,037 shares in the company, valued at $421,829.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have purchased 9,250 shares of company stock worth $57,190. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Granite Ridge Resources by 507.6% in the second quarter. Barclays PLC now owns 5,225 shares of the company’s stock worth $35,000 after purchasing an additional 4,365 shares during the last quarter. Strs Ohio raised its stake in shares of Granite Ridge Resources by 27.8% in the third quarter. Strs Ohio now owns 94,200 shares of the company’s stock worth $574,000 after purchasing an additional 20,500 shares during the last quarter. Northwestern University purchased a new stake in shares of Granite Ridge Resources in the third quarter worth approximately $30,648,000. Teacher Retirement System of Texas purchased a new stake in shares of Granite Ridge Resources in the third quarter worth approximately $260,000. Finally, Sfmg LLC raised its stake in shares of Granite Ridge Resources by 1.8% in the third quarter. Sfmg LLC now owns 184,454 shares of the company’s stock worth $1,125,000 after purchasing an additional 3,277 shares during the last quarter. Institutional investors 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.