Granite Ridge Resources (NYSE:GRNT) Cut to Equal Weight at Capital One Financial

Capital One Financial cut shares of Granite Ridge Resources (NYSE:GRNT) from an overweight rating to an equal weight rating in a report published on Friday morning, MarketBeat.com reports.

Granite Ridge Resources Trading Down 4.4 %

Shares of Granite Ridge Resources stock opened at $6.13 on Friday. The business has a fifty day simple moving average of $6.35 and a two-hundred day simple moving average of $6.28. Granite Ridge Resources has a 1 year low of $5.47 and a 1 year high of $7.10. The company has a market capitalization of $800.81 million, a price-to-earnings ratio of 17.01, a P/E/G ratio of 1.29 and a beta of 0.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

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 issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.18%. The ex-dividend date is Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 41,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $6.10 per share, with a total value of $250,100.00. Following the completion of the acquisition, the director now owns 772,491 shares of the company’s stock, valued at $4,712,195.10. This represents a 5.60 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Luke C. Brandenberg bought 8,495 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average cost of $6.10 per share, with a total value of $51,819.50. Following the acquisition, 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 disclosure for this purchase can be found here. Insiders acquired 54,001 shares of company stock valued at $330,711 in the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP lifted its holdings in shares of Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after buying an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $62,000. Ground Swell Capital LLC acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $66,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $68,000. Finally, One68 Global Capital LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $71,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.