Granite Ridge Resources Inc. [GRNT] moved down -0.18: Why It’s Important

Granite Ridge Resources Inc. [NYSE: GRNT] loss -0.18% on the last trading session, reaching $5.54 price per share at the time. The company report on September 12, 2023 at 7:27 PM that Granite Ridge Resources, Inc. Announces Pricing of Secondary Public Offering of Common Stock.

Granite Ridge Resources, Inc. (“Granite Ridge” or the “Company”) (NYSE: GRNT), a scaled, non-operated oil & gas exploration and production company, today announced the pricing of the previously announced underwritten registered secondary offering by certain funds managed by Grey Rock Energy Management, LLC (the “Selling Shareholders”) of 7,100,000 shares of its common stock, par value $0.0001 per share (the “common stock”), at a price to the public of $5.00 per share. The offering is expected to close on September 15, 2023, subject to the satisfaction of customary closing conditions. The underwriters will have a 30-day option to purchase up to an additional 1,065,000 shares of common stock from the Selling Shareholders. Granite Ridge will not sell any common stock in the offering and will not receive any proceeds from the sale of its common stock by the Selling Shareholders in the offering.

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BofA Securities, Evercore ISI, Capital One Securities and Stephens Inc. are acting as joint book-running managers for the offering. Texas Capital Securities is acting as co-manager for the offering.

Granite Ridge Resources Inc. represents 132.87 million in outstanding shares, while the company has a total market value of $746.07 million with the latest information. GRNT stock price has been found in the range of $5.31 to $6.07.

If compared to the average trading volume of 308.39K shares, GRNT reached a trading volume of 4178832 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Granite Ridge Resources Inc. [GRNT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GRNT shares is $9.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GRNT stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

The Average True Range (ATR) for Granite Ridge Resources Inc. is set at 0.47, with the Price to Sales ratio for GRNT stock in the period of the last 12 months amounting to 1.83. The Price to Book ratio for the last quarter was 1.13, with the Price to Cash per share for the same quarter was set at 0.18.

Trading performance analysis for GRNT stock

Granite Ridge Resources Inc. [GRNT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -25.94. With this latest performance, GRNT shares dropped by -30.66% in over the last four-week period, additionally plugging by 8.63% over the last 6 months – not to mention a drop of -44.43% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GRNT stock in for the last two-week period is set at 24.11, with the RSI for the last a single of trading hit 15.64, and the three-weeks RSI is set at 31.01 for Granite Ridge Resources Inc. [GRNT]. The present Moving Average for the last 50 days of trading for this stock 7.23, while it was recorded at 6.45 for the last single week of trading, and 6.89 for the last 200 days.

Granite Ridge Resources Inc. [GRNT]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Granite Ridge Resources Inc. [GRNT] shares currently have an operating margin of +60.74 and a Gross Margin at +63.60. Granite Ridge Resources Inc.’s Net Margin is presently recorded at +52.74.

Return on Total Capital for GRNT is now 58.76, given the latest momentum, and Return on Invested Capital for the company is 51.02. Return on Equity for this stock inclined to 51.04, with Return on Assets sitting at 43.39.

Reflecting on the efficiency of the workforce at the company, Granite Ridge Resources Inc. [GRNT] managed to generate an average of $131,172,000 per employee. Receivables Turnover for the company is 13.76 with a Total Asset Turnover recorded at a value of 0.82.Granite Ridge Resources Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.00.

An analysis of Institutional ownership at Granite Ridge Resources Inc. [GRNT]

The top three institutional holders of GRNT stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in GRNT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in GRNT stock with ownership which is approximately 5.7381%.

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