Granite Ridge Resources (NYSE:GRNT) Hits New 12-Month Low - What's Next?

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) reached a new 52-week low during trading on Friday . The company traded as low as $5.03 and last traded at $5.02, with a volume of 112596 shares changing hands. The stock had previously closed at $5.59.

Analysts Set New Price Targets

Several equities analysts have weighed in on GRNT shares. Stephens reissued an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial downgraded shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Granite Ridge Resources currently has an average rating of "Moderate Buy" and an average price target of $7.70.

Granite Ridge Resources Trading Up 9.5 %

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 stock has a market capitalization of $678.92 million, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. The company has a fifty day simple moving average of $5.90 and a two-hundred day simple moving average of $6.15.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.48%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 314.29%.

Institutional Trading of Granite Ridge Resources

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Granite Ridge Resources by 892.9% in the first 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 in the last quarter. Parallel Advisors LLC lifted its position in 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 acquiring an additional 6,017 shares in the last quarter. Quantbot Technologies LP lifted its position in Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after acquiring an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources in the 4th quarter worth $62,000. Finally, KLP Kapitalforvaltning AS bought a new position in Granite Ridge Resources during the 4th quarter worth about $68,000. 31.56% of the stock is owned by institutional investors.

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.