Granite Ridge Resources (NYSE:GRNT) Sets New 1-Year Low - Here's Why

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) shares hit a new 52-week low on Tuesday . The stock traded as low as $5.46 and last traded at $5.50, with a volume of 89369 shares traded. The stock had previously closed at $5.63.

Analyst Ratings Changes

Several brokerages have recently weighed in on GRNT. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Stephens reissued an "overweight" rating and set a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of "Moderate Buy" and an average target price of $7.70.

Granite Ridge Resources Trading Up 0.8 %

The stock's fifty day simple moving average is $6.33 and its 200-day simple moving average is $6.25. The firm has a market cap of $697.26 million, a PE ratio of 14.81, a PEG ratio of 1.29 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 8.25%. Granite Ridge Resources's dividend payout ratio is presently 122.22%.

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Insider Activity at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 8,495 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the transaction, the chief executive officer now owns 109,128 shares in the company, valued at $665,680.80. This represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.90% of the stock is owned by company insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP lifted its holdings in Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after purchasing an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Granite Ridge Resources during the fourth quarter valued at $62,000. KLP Kapitalforvaltning AS purchased a new position in Granite Ridge Resources during the fourth quarter valued at $68,000. One68 Global Capital LLC purchased a new position in Granite Ridge Resources during the fourth quarter valued at $71,000. Finally, Belvedere Trading LLC purchased a new position in Granite Ridge Resources during the fourth quarter valued at $75,000. 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.