Granite Ridge Resources (NYSE:GRNT) Shares Gap Down – Here’s What Happened

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share 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 changing hands.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI reduced their target price on shares of 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 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 company has a market cap of $788.39 million, a PE ratio of 16.75, a PEG ratio of 1.62 and a beta of 0.23. The business’s 50 day moving average is $6.21 and its two-hundred day moving average is $6.29.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.30%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.22%.

Insiders Place Their Bets

In other news, CEO Luke C. Brandenberg purchased 8,495 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost 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 in the company, valued at approximately $665,680.80. This represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the acquisition, the chief financial officer now owns 86,723 shares of the company’s stock, valued at $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 83,174 shares of company stock worth $520,493 in the last three months. 1.90% of the stock is owned by company insiders.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently made changes to their positions in GRNT. Bank of New York Mellon Corp grew its position 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 acquiring an additional 78,636 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Granite Ridge Resources by 17.2% during the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after purchasing an additional 3,980 shares during the last quarter. nVerses Capital LLC purchased a new stake in Granite Ridge Resources during the 2nd quarter valued at $99,000. Finally, Rhumbline Advisers lifted its position in Granite Ridge Resources by 66.5% in the second quarter. Rhumbline Advisers now owns 73,052 shares of the company’s stock worth $462,000 after buying an additional 29,167 shares during the last quarter. 31.56% of the stock is currently 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.