Granite Ridge Resources (NYSE:GRNT) CFO Purchases $15,510.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 3,000 shares of the business’s stock in a transaction on Friday, March 13th. The stock was bought at an average price of $5.17 per share, for a total transaction of $15,510.00. Following the completion of the purchase, the chief financial officer directly owned 123,276 shares of the company’s stock, valued at $637,336.92. The trade was a 2.49% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Ronald Kyle Kettler also recently made the following trade(s):

• On Tuesday, March 10th, Ronald Kyle Kettler purchased 5,000 shares of Granite Ridge Resources stock. The shares were purchased at an average cost of $5.18 per share, with a total value of $25,900.00.

Granite Ridge Resources Stock Up 0.1%

Granite Ridge Resources stock opened at $5.32 on Thursday. The company has a 50-day simple moving average of $4.94 and a 200-day simple moving average of $5.11. The firm has a market capitalization of $698.71 million, a P/E ratio of 29.53, a P/E/G ratio of 1.61 and a beta of 0.34. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The firm had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.3%. The ex-dividend date was Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 244.44%.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently modified their holdings of GRNT. Corient Private Wealth LLC boosted its stake in Granite Ridge Resources by 29.1% during the fourth quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock valued at $96,000 after buying an additional 4,587 shares in the last quarter. Invesco Ltd. grew its holdings in Granite Ridge Resources by 12.5% during the fourth quarter. Invesco Ltd. now owns 135,079 shares of the company’s stock worth $635,000 after acquiring an additional 14,966 shares during the period. Mercer Global Advisors Inc. ADV raised its position in Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after acquiring an additional 2,596 shares in the last quarter. Zazove Associates LLC bought a new stake in Granite Ridge Resources in the fourth quarter worth about $3,210,000. Finally, VARCOV Co. acquired a new stake in Granite Ridge Resources in the 4th quarter valued at about $405,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Granite Ridge Resources currently has an average rating of “Hold”.

Granite Ridge Resources Company Profile

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.