Tyler Farquharson Acquires 10,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson purchased 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the acquisition, the chief executive officer owned 344,743 shares of the company’s stock, valued at approximately $1,775,426.45. This represents a 2.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Tyler Farquharson also recently made the following trade(s):

• On Tuesday, March 10th, Tyler Farquharson purchased 12,500 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.21 per share, for a total transaction of $65,125.00.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.09 on Wednesday, reaching $5.16. The stock had a trading volume of 955,629 shares, compared to its average volume of 842,762. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.72. The company has a market cap of $679.92 million, a P/E ratio of -20.62, a price-to-earnings-growth ratio of 0.48 and a beta of 0.26. The company has a current ratio of 0.93, a quick ratio of 1.25 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average is $5.49 and its two-hundred day moving average is $5.15.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. As a group, research analysts anticipate that Granite Ridge Resources, Inc. will post 0.69 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -176.00%.

Analyst Upgrades and Downgrades

GRNT has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Stephens lowered their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. State of Alaska Department of Revenue purchased a new position in shares of Granite Ridge Resources during the third quarter worth approximately $26,000. Osaic Holdings Inc. raised its stake in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after acquiring an additional 5,492 shares in the last quarter. First Horizon Corp purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth approximately $35,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after acquiring an additional 4,635 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.