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

Granite Ridge Resources, Inc. (NYSE:GRNT) shares 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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GRNT shares. Stephens reaffirmed an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday. Capital One Financial downgraded Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of “Moderate Buy” and an average price target of $7.70.

Granite Ridge Resources Price 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 stock’s fifty day moving average price is $6.34 and its two-hundred day moving average price is $6.25. The firm has a market capitalization of $701.96 million, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Announces Dividend

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

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 8,495 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were 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 owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. The trade was a 8.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP lifted its position in shares of 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 buying an additional 7,960 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources in the fourth quarter valued at $62,000. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources in the fourth quarter valued at $68,000. One68 Global Capital LLC purchased a new position in Granite Ridge Resources during the 4th quarter worth approximately $71,000. Finally, Belvedere Trading LLC purchased a new stake in Granite Ridge Resources in the fourth quarter valued at approximately $75,000. 31.56% of the stock is currently 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.