Granite Ridge Resources (NYSE:GRNT) Sees Large Volume Increase - What's Next?

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) shares saw strong trading volume on Tuesday . 2,566,767 shares traded hands during mid-day trading, an increase of 432% from the previous session's volume of 482,823 shares.The stock last traded at $4.69 and had previously closed at $4.89.

Analyst Ratings Changes

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

Granite Ridge Resources Price Performance

The firm has a market capitalization of $637.71 million, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. The stock's 50 day simple moving average is $5.81 and its two-hundred day simple moving average is $6.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given 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 9.03%. Granite Ridge Resources's payout ratio is 314.29%.

Institutional Trading of Granite Ridge Resources

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of Granite Ridge Resources by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after acquiring an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Granite Ridge Resources by 16.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock worth $127,000 after purchasing an additional 2,759 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Granite Ridge Resources by 5.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock valued at $388,000 after purchasing an additional 3,272 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Granite Ridge Resources by 222.4% in the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after buying an additional 6,017 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Granite Ridge Resources by 892.9% in the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after buying an additional 6,375 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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.