Granite Ridge Resources (NYSE:GRNT) Shares Gap Up – Time to Buy?

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Stephens restated an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Granite Ridge Resources has an average rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Price Performance

The firm has a market capitalization of $701.96 million, a PE ratio of 14.89, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The stock’s 50 day simple moving average is $6.34 and its two-hundred day simple moving average is $6.25. 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 Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 8.20%. The ex-dividend date is Friday, February 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 8,495 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.10 per share, with a total value of $51,819.50. Following the transaction, the chief executive officer now owns 109,128 shares of the company’s stock, valued at $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its holdings in Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock valued at $116,000 after purchasing an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Granite Ridge Resources by 16.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock valued at $127,000 after buying an additional 2,759 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 valued at $388,000 after buying an additional 3,272 shares during the period. Quantbot Technologies LP lifted its stake in Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after acquiring an additional 7,960 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Granite Ridge Resources by 37.5% during the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company’s stock worth $215,000 after acquiring an additional 9,055 shares in the last quarter. 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.