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 Ratings reports.

Granite Ridge Resources Stock Down 4.4 %

GRNT stock opened at $6.13 on Friday. Granite Ridge Resources has a 52 week low of $5.47 and a 52 week high of $7.10. The company has a market capitalization of $800.78 million, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.29 and a beta of 0.22. The firm’s 50-day moving average is $6.35 and its two-hundred day moving average is $6.28. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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 7.18%. The ex-dividend date of this dividend is Friday, February 28th. Granite Ridge Resources’s payout ratio is 122.23%.

Insider Transactions at Granite Ridge Resources

In related news, Director Matthew Reade Miller acquired 41,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $6.10 per share, with a total value of $250,100.00. Following the acquisition, the director now directly owns 772,491 shares in the company, valued at $4,712,195.10. The trade was a 5.60 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Luke C. Brandenberg bought 8,495 shares of Granite Ridge Resources stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 54,001 shares of company stock worth $330,711. 1.90% of the stock is owned by insiders.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently bought and sold shares of GRNT. Quantbot Technologies LP grew its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after buying an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources in the fourth quarter valued at about $62,000. Ground Swell Capital LLC acquired a new position in Granite Ridge Resources during the third quarter worth about $66,000. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources during the fourth quarter worth about $68,000. Finally, One68 Global Capital LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth about $71,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.