Granite Ridge Resources (NYSE:GRNT) Shares Gap Up After Dividend Announcement

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT – Get Rating) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $5.65, but opened at $5.78. Granite Ridge Resources shares last traded at $5.98, with a volume of 20,169 shares trading hands.

The newly announced dividend which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.26%.

Granite Ridge Resources Price Performance

The company’s 50-day moving average price is $5.71 and its 200 day moving average price is $7.15. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.60 and a quick ratio of 1.60.

Granite Ridge Resources (NYSE:GRNT – Get Rating) last announced its quarterly earnings results on Monday, March 27th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.09). The firm had revenue of $116.34 million for the quarter. As a group, research analysts forecast that Granite Ridge Resources, Inc. will post 0.88 earnings per share for the current year.

Insider Activity

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 10,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, May 23rd. The shares were bought at an average price of $5.67 per share, for a total transaction of $56,700.00. Following the completion of the transaction, the chief executive officer now owns 39,820 shares of the company’s stock, valued at approximately $225,779.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new stake in Granite Ridge Resources in the 1st quarter worth approximately $67,000. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources during the 1st quarter worth about $80,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Granite Ridge Resources during the 1st quarter worth about $93,000. State Street Corp purchased a new position in Granite Ridge Resources during the 1st quarter valued at about $125,000. Finally, Avalon Investment & Advisory purchased a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $141,000.

Granite Ridge Resources Company Profile

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Grey Rock Energy Management, LLC manages private funds with interests in areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville play. It invests in oil and gas exploration and production. The company was formerly known as Granite Ridge Resources, Inc The company is based in Dallas, Texas.