Granite Ridge Resources (NYSE:GRNT) Sets New 12-Month Low - Should You Sell?
Granite Ridge Resources (NYSE:GRNT) reached a new 12-month low of $5.02, down 10.8% from its previous close of $5.59. Analysts have mixed ratings, with a consensus of "Moderate Buy" and a target price of $7.70. The company recently announced a quarterly dividend of $0.11, yielding 8.83%. Institutional investors hold 31.56% of the stock, with notable increases in holdings from Charles Schwab and Janus Henderson. Granite Ridge operates in oil and gas exploration, primarily in the Permian Basin.
Shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) reached a new 52-week low during trading on Friday . The company traded as low as $5.03 and last traded at $5.02, with a volume of 112596 shares. The stock had previously closed at $5.59.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on GRNT shares. Capital One Financial lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Stephens reaffirmed an "overweight" rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.70.
Read Our Latest Stock Report on GRNT
Granite Ridge Resources Trading Down 10.8 %
The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $6.02 and its 200-day moving average price is $6.20. The firm has a market cap of $652.10 million, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.
Granite Ridge Resources Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.83%. Granite Ridge Resources's dividend payout ratio (DPR) is presently 314.29%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of GRNT. Charles Schwab Investment Management Inc. lifted its stake in Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company's stock worth $2,522,000 after purchasing an additional 141,634 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Granite Ridge Resources by 40.0% during the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company's stock worth $455,000 after purchasing an additional 21,852 shares in the last quarter. State Street Corp grew its holdings in shares of Granite Ridge Resources by 1.4% in the third quarter. State Street Corp now owns 887,319 shares of the company's stock valued at $5,271,000 after purchasing an additional 12,607 shares in the last quarter. Barclays PLC boosted its stake in shares of Granite Ridge Resources by 306.9% in the 3rd quarter. Barclays PLC now owns 81,092 shares of the company's stock valued at $482,000 after buying an additional 61,162 shares during the period. Finally, Geode Capital Management LLC grew its stake in Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock worth $7,258,000 after buying an additional 317,303 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.
Granite Ridge Resources Company Profile
(Get Free Report)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.
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