Utah Retirement Systems recently announced the acquisition of new stake in Granite Ridge Resources Inc (NYSE:GRNT). This fresh investment now brings its stake to 3.94% valued currently at $31.57 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.25 million to 1.56 million shares.
With over 0.46 million Granite Ridge Resources Inc (GRNT) shares trading Friday and a closing price of $5.44 on the day, the dollar volume was approximately $2.48 million. The shares have shown a negative half year performance of -17.58% and its price on 01/12/24 gained nearly 0.55%. Currently, there are 133.27M common shares owned by the public and among those 54.54M shares have been available to trade.
Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 46 of these insider trades were purchases, accounting for 1,903,549 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 84,365,915 shares.
The top 3 mutual fund holders in Granite Ridge Resources Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and WisdomTree Tr. – US Small Cap Div. Vanguard Total Stock Market ETF owns 1.0 million shares of the company’s stock, all valued at over $6.05 million. iShares Russell 2000 ETF sold 2160.0 shares to see its total holdings shrink to 0.82 million shares valued at over $4.92 million and representing 0.61% of the shares outstanding. WisdomTree Tr. – US Small Cap Div bought 1266.0 shares to bring its total holdings to over 0.78 million shares at a value of $4.68 million. WisdomTree Tr. – US Small Cap Div now owns shares totaling to 0.58% of the shares outstanding.
Shares of Granite Ridge Resources Inc (NYSE: GRNT) opened at $5.50, up $0.09 from a prior closing price of $5.41. However, the script later moved the day high at 5.56, up 0.55%. The company’s stock has a 5-day price change of -6.53% and -11.97% over the past three months. GRNT shares are trading -9.63% year to date (YTD), with the 12-month market performance down to -35.62% lower. It has a 12-month low price of $4.82 and touched a high of $8.90 over the same period. GRNT has an average intraday trading volume of 642.04K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.24%, -9.84%, and -14.15% respectively.
Institutional ownership of Granite Ridge Resources Inc (NYSE: GRNT) shares accounts for 16.69% of the company’s 133.27M shares outstanding. Mutual fund holders own 5.25%, while other institutional holders and individual stakeholders account for 53.03% and 11.45% respectively.
It has a market capitalization of $723.52M and a beta (3y monthly) value of 0.14. The stock’s trailing 12-month PE ratio is 3.84, while the earnings-per-share (ttm) stands at $1.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.24% over the week and 2.95% over the month.
Analysts forecast that Granite Ridge Resources Inc (GRNT) will achieve an EPS of $0.2 for the current quarter, $0.15 for the next quarter and $0.64 for 2024. The lowest estimate earnings-per-share for the quarter is $0.19 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was $0.42 a year ago. Earnings per share for the fiscal year are expected to decrease by -55.11%, and -11.98% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Granite Ridge Resources Inc (GRNT) as a “Strong Buy” at a consensus score of 1.33. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GRNT, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on November 07, 2023, with the firm’s price target at $9.
