Granite Ridge Resources (NYSE:GRNT) Stock Price Down 3.1% - Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) shares traded down 3.1% during mid-day trading on Monday . The stock traded as low as $4.76 and last traded at $4.74. 78,809 shares changed hands during trading, a decline of 84% from the average session volume of 486,097 shares. The stock had previously closed at $4.89.

Wall Street Analyst Weigh In

A number of analysts recently commented on GRNT shares. Stephens reaffirmed an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Three investment 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $7.70.

Granite Ridge Resources Price Performance

The firm has a market capitalization of $652.40 million, a P/E ratio of 13.82, a PEG ratio of 1.29 and a beta of 0.20. The firm has a 50-day moving average of $5.68 and a 200-day moving average of $6.08. 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 disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.84%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources's dividend payout ratio (DPR) is currently 314.29%.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRNT. Grey Rock Energy Management LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $357,018,000. Hamilton Lane Advisors LLC lifted its stake in shares of Granite Ridge Resources by 15.5% during the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after buying an additional 1,139,430 shares in the last quarter. Spider Management Company LLC boosted its holdings in Granite Ridge Resources by 21.4% in the 4th 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 during the period. Georgetown University increased its stake in Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after buying an additional 697,823 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Granite Ridge Resources by 4,637.3% in the fourth 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. 31.56% of the stock is owned by hedge funds and other 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.