Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Buys $25,200.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John McCartney purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was bought at an average price of $5.04 per share, with a total value of $25,200.00. Following the purchase, the director owned 154,143 shares of the company’s stock, valued at approximately $776,880.72. The trade was a 3.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

John Mccartney also recently made the following trade(s):

• On Thursday, August 13th, John McCartney purchased 2,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.00 per share, for a total transaction of $10,000.00.

Granite Ridge Resources Trading Down 0.2%

NYSE GRNT opened at $5.07 on Friday. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $668.73 million, a price-to-earnings ratio of -24.14 and a beta of 0.21. The company’s fifty day moving average price is $4.81 and its two-hundred day moving average price is $5.11.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, research analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Wall Street Analyst Weigh In

Several analysts have issued reports on GRNT shares. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Northland Securities initiated coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price for the company. Stephens lowered their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.00.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its position in Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC increased its holdings 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 valued at $36,000 after purchasing an additional 5,492 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Granite Ridge Resources during the second quarter valued at $47,000. Jefferies Financial Group Inc. bought a new stake in shares of Granite Ridge Resources during the second quarter valued at about $49,000. Finally, Vise Technologies Inc. bought a new stake in shares of Granite Ridge Resources during the second quarter valued at about $52,000. Institutional investors own 31.56% of the company’s stock.

About Granite Ridge Resources

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.