Granite Ridge Resources (NYSE:GRNT) Reaches New 52-Week Low – Should You Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price hit a new 52-week low on Tuesday . The company traded as low as $5.46 and last traded at $5.50, with a volume of 89369 shares trading hands. The stock had previously closed at $5.63.

Wall Street Analysts Forecast Growth

Separately, Capital One Financial lowered shares of 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 issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.60.

Granite Ridge Resources Stock Performance

The company has a market cap of $738.05 million, a price-to-earnings ratio of 15.68, a P/E/G ratio of 1.29 and a beta of 0.22. 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 simple moving average is $6.35 and its 200 day simple moving average is $6.26.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.79%. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased 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. This trade represents a 8.44 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Reade Miller acquired 41,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $6.10 per share, with a total value of $250,100.00. Following the transaction, the director now directly owns 772,491 shares in the company, valued at $4,712,195.10. This trade represents a 5.60 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 51,501 shares of company stock worth $314,286 in the last 90 days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Grey Rock Energy Management LLC purchased a new stake in shares of Granite Ridge Resources during the 4th quarter worth $357,018,000. Spider Management Company LLC increased its stake in Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after purchasing an additional 872,282 shares during the period. Vanguard Group Inc. increased its stake in Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock valued at $27,353,000 after purchasing an additional 418,059 shares during the period. Georgetown University increased its stake in Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after purchasing an additional 697,823 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Granite Ridge Resources by 16.0% during the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company’s stock worth $13,282,000 after acquiring an additional 282,912 shares during the period. Hedge funds and other institutional investors 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.