Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $5.29, but opened at $5.50. Granite Ridge Resources shares last traded at $5.53, with a volume of 85,905 shares.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on GRNT shares. Stephens reaffirmed an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday. Capital One Financial lowered 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 issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of "Moderate Buy" and an average price target of $7.70.
Read Our Latest Analysis on GRNT
Granite Ridge Resources Stock Performance
The firm has a market cap of $720.13 million, a P/E ratio of 15.29, a PEG ratio of 1.29 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. The stock's 50-day moving average is $6.30 and its 200 day moving average is $6.23.
Granite Ridge Resources Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 annualized dividend and a dividend yield of 7.99%. Granite Ridge Resources's dividend payout ratio (DPR) is currently 314.29%.
Insider Transactions 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 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 transaction, the chief executive officer now directly owns 109,128 shares of the company's stock, valued at approximately $665,680.80. The trade was a 8.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Granite Ridge Resources
Several institutional investors have recently added to or reduced their stakes in GRNT. Grey Rock Energy Management LLC acquired a new stake in shares of Granite Ridge Resources in the 4th quarter valued at about $357,018,000. Spider Management Company LLC grew its holdings in shares of Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after buying an additional 872,282 shares in the last quarter. Georgetown University raised its position in Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after buying an additional 697,823 shares during the last quarter. Millennium Management LLC lifted its stake in Granite Ridge Resources by 4,637.3% in the 4th quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after acquiring an additional 471,474 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Granite Ridge Resources by 45.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company's stock worth $9,432,000 after acquiring an additional 454,071 shares during the last quarter. 31.56% of the stock is owned by institutional investors.
Granite Ridge Resources Company Profile
(
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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