Granite Ridge Resources (NYSE:GRNT) Sees Strong Trading Volume – Should You Buy?

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) saw an uptick in trading volume on Thursday . 903,291 shares changed hands during mid-day trading, an increase of 102% from the previous session’s volume of 446,080 shares.The stock last traded at $5.45 and had previously closed at $5.61.

Analyst Upgrades and Downgrades

Separately, Capital One Financial lowered Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.60.

Granite Ridge Resources Trading Down 5.6 %

The stock has a market capitalization of $692.29 million, a P/E ratio of 14.71, a price-to-earnings-growth ratio of 1.29 and a beta of 0.22. The stock’s fifty day moving average price is $6.34 and its two-hundred day moving average price is $6.25. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Dividend Announcement

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 paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.31%. The ex-dividend date is Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is presently 122.22%.

Insider Activity

In other news, CEO Luke C. Brandenberg purchased 8,495 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the transaction, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This represents a 8.44 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Reade Miller acquired 41,000 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $6.10 per share, with a total value of $250,100.00. Following the completion of the purchase, the director now owns 772,491 shares of the company’s stock, valued at approximately $4,712,195.10. The trade was a 5.60 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 50,001 shares of company stock valued at $304,971. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Large investors have recently made changes to their positions in the business. BCK Capital Management LP purchased a new stake in Granite Ridge Resources in the fourth quarter worth $191,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Granite Ridge Resources by 5.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company’s stock worth $388,000 after purchasing an additional 3,272 shares during the period. Two Sigma Advisers LP lifted its position in shares of Granite Ridge Resources by 67.0% in the 4th quarter. Two Sigma Advisers LP now owns 143,800 shares of the company’s stock worth $929,000 after purchasing an additional 57,700 shares during the period. Silvercrest Asset Management Group LLC bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at about $2,251,000. Finally, ProShare Advisors LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $96,000. 31.56% of the stock is currently owned by institutional investors.

About Granite Ridge Resources

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.