Granite Ridge Resources (NYSE:GRNT) Sees Strong Trading Volume - Here's What Happened

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) saw unusually-high trading volume on Friday . Approximately 1,830,428 shares traded hands during trading, an increase of 317% from the previous session's volume of 438,803 shares.The stock last traded at $6.03 and had previously closed at $5.62.

Analysts Set New Price Targets

Separately, Evercore ISI lowered their price target on Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating for the company in a report on Monday, September 30th.

Granite Ridge Resources Stock Up 10.1 %

The firm's fifty day moving average is $6.22 and its 200-day moving average is $6.29. The company has a market capitalization of $809.31 million, a P/E ratio of 17.19, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23. 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 announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.11%. Granite Ridge Resources's payout ratio is presently 122.22%.

Insider Activity

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the business's stock in a transaction dated 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 acquisition, the chief executive officer now owns 109,128 shares in the company, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the purchase, the chief financial officer now owns 86,723 shares of the company's stock, valued at $568,035.65. The trade was a 6.12 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 83,174 shares of company stock worth $520,493. Insiders own 1.90% of the company's stock.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. American Century Companies Inc. raised its position in shares of Granite Ridge Resources by 35.8% in the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company's stock worth $8,591,000 after acquiring an additional 357,705 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company's stock worth $7,810,000 after purchasing an additional 78,636 shares in the last quarter. Geode Capital Management LLC lifted its stake in Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock valued at $7,258,000 after buying an additional 317,303 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company's stock worth $5,926,000 after buying an additional 393,787 shares in the last quarter. Finally, State Street Corp grew its position in shares of Granite Ridge Resources by 1.4% during the 3rd quarter. State Street Corp now owns 887,319 shares of the company's stock worth $5,271,000 after buying an additional 12,607 shares during the period. Institutional investors and hedge funds 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.