Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.19, but opened at $5.98. Granite Ridge Resources shares last traded at $5.81, with a volume of 265,235 shares trading hands.
Wall Street Analysts Forecast Growth
Separately, Evercore ISI dropped their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating on the stock in a report on Monday, September 30th.
Read Our Latest Research Report on GRNT
Granite Ridge Resources Price Performance
The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a market cap of $771.39 million, a price-to-earnings ratio of 16.39, a P/E/G ratio of 1.62 and a beta of 0.23. The company has a 50 day simple moving average of $6.22 and a 200-day simple moving average of $6.29.
Granite Ridge Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 7.46%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources's dividend payout ratio is presently 122.22%.
Insiders Place Their Bets
In related news, Director Matthew Reade Miller purchased 18,173 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $6.49 per share, with a total value of $117,942.77. Following the completion of the transaction, the director now owns 711,164 shares of the company's stock, valued at approximately $4,615,454.36. This trade represents a 2.62 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg purchased 8,495 shares of the firm's stock in a transaction on Wednesday, December 11th. The stock was bought at an average price of $6.10 per share, with a total value of $51,819.50. Following the completion of the purchase, the chief executive officer now owns 109,128 shares of the company's stock, valued at approximately $665,680.80. This represents a 8.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 83,174 shares of company stock valued at $520,493 in the last quarter. 1.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Granite Ridge Resources
Several large investors have recently made changes to their positions in GRNT. Charles Schwab Investment Management Inc. increased its holdings in Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company's stock worth $2,522,000 after buying an additional 141,634 shares during the last quarter. Denali Advisors LLC acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $802,000. Janus Henderson Group PLC raised its holdings in shares of Granite Ridge Resources by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company's stock valued at $455,000 after purchasing an additional 21,852 shares during the period. GSA Capital Partners LLP acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at about $361,000. Finally, CWA Asset Management Group LLC acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at about $711,000. Institutional investors and hedge funds own 31.56% of the company's stock.
About Granite Ridge Resources
(
Get Free Report)
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.
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