Granite Ridge Resources (NYSE:GRNT) Sees Large Volume Increase - Time to Buy?

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) saw an uptick in trading volume on Thursday . 903,291 shares changed hands during trading, an increase of 102% from the previous session's volume of 446,080 shares.The stock last traded at $5.45 and had previously closed at $5.61.

Analyst Ratings Changes

GRNT has been the topic of a number of research reports. Stephens reiterated an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a report on Friday. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Three 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 has a consensus rating of "Moderate Buy" and an average target price of $7.70.

Granite Ridge Resources Stock Up 2.9 %

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $6.31 and a 200-day simple moving average of $6.24. The stock has a market cap of $719.61 million, a P/E ratio of 15.29, a PEG ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.11 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.99%. Granite Ridge Resources's payout ratio is presently 122.22%.

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Insider Buying and Selling at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 8,495 shares of the stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the purchase, the chief executive officer now owns 109,128 shares in the company, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently bought and sold shares of GRNT. BCK Capital Management LP acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $191,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 acquiring an additional 3,272 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of Granite Ridge Resources by 67.0% in the 4th quarter. Two Sigma Advisers LP now owns 143,800 shares of the company's stock worth $929,000 after acquiring an additional 57,700 shares during the period. Silvercrest Asset Management Group LLC acquired a new stake in shares of Granite Ridge Resources during the 4th quarter worth approximately $2,251,000. Finally, ProShare Advisors LLC bought a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $96,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.