Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.5% – Should You Sell?

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) traded down 3.5% during mid-day trading on Tuesday . The company traded as low as $6.38 and last traded at $6.38. 83,423 shares changed hands during trading, a decline of 81% from the average session volume of 429,245 shares. The stock had previously closed at $6.61.

Wall Street Analysts Forecast Growth

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

Granite Ridge Resources Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The stock’s fifty day moving average is $6.15 and its 200-day moving average is $6.33. The stock has a market capitalization of $849.81 million, a PE ratio of 18.33, a P/E/G ratio of 1.68 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 6.77%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 5,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the completion of the transaction, the chief executive officer now owns 96,633 shares of the company’s stock, valued at approximately $628,114.50. The trade was a 5.46 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average price of $5.97 per share, with a total value of $50,745.00. Following the completion of the acquisition, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. This trade represents a 1.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 25,495 shares of company stock valued at $158,564. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Large investors have recently bought and sold shares of the business. CWM LLC lifted its holdings in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after purchasing an additional 9,978 shares during the last quarter. Ground Swell Capital LLC acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at about $66,000. nVerses Capital LLC purchased a new position in Granite Ridge Resources in the 2nd quarter valued at about $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after acquiring an additional 2,709 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares in the last quarter. Hedge funds and other institutional investors 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.