Granite Ridge Resources (NYSE:GRNT) Shares Cross Below 200 Day Moving Average – Time to Sell?

Granite Ridge Resources, Inc. (NYSE:GRNT) shares passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $5.07 and traded as low as $4.59. Granite Ridge Resources shares last traded at $4.6450, with a volume of 1,620,471 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on GRNT shares. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Northland Securities set a $11.00 price objective on shares of Granite Ridge Resources in a research report on Tuesday, October 20th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources presently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Granite Ridge Resources Trading Down 9.1%

The firm has a fifty day moving average of $5.03 and a two-hundred day moving average of $5.07. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The company has a market cap of $612.68 million, a PE ratio of -22.12 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The company had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Insiders Place Their Bets

In other news, Director Matthew Miller bought 10,000 shares of the stock in a transaction on Friday, September 11th. The shares were acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the purchase, the director directly owned 1,974,292 shares of the company’s stock, valued at $9,930,688.76. This trade represents a 0.51% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ronald Kettler bought 6,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average price of $5.05 per share, with a total value of $30,300.00. Following the completion of the transaction, the chief financial officer owned 135,276 shares of the company’s stock, valued at $683,143.80. This represents a 4.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 24,000 shares of company stock worth $120,800 in the last three months. 8.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Granite Ridge Resources in the second quarter worth about $21,910,000. Dimensional Fund Advisors LP grew its position in Granite Ridge Resources by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after acquiring an additional 448,066 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Granite Ridge Resources during the 1st quarter worth approximately $6,624,000. Bank of New York Mellon Corp increased its stake in Granite Ridge Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock worth $5,575,000 after purchasing an additional 12,089 shares during the period. Finally, CWA Asset Management Group LLC increased its stake in Granite Ridge Resources by 15.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 1,056,513 shares of the company’s stock worth $4,585,000 after purchasing an additional 144,933 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 (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.