Granite Ridge Resources (NYSE:GRNT) Director Buys 10,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Miller acquired 10,000 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was acquired at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the acquisition, the director owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. The trade was a 0.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Granite Ridge Resources Stock Up 0.9%

GRNT stock traded up $0.04 during trading on Monday, hitting $5.16. 1,531,121 shares of the company’s stock were exchanged, compared to its average volume of 936,431. The business has a 50-day moving average price of $4.88 and a two-hundred day moving average price of $5.11. The stock has a market capitalization of $679.94 million, a price-to-earnings ratio of -24.55 and a beta of 0.21. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76.

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

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -209.52%.

Wall Street Analyst Weigh In

GRNT has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. Northland Securities began coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective for the company. Finally, Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from 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 made changes to their positions in the company. Sherbrooke Park Advisers LLC raised its holdings in Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after purchasing an additional 2,357 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Granite Ridge Resources by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Granite Ridge Resources by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after purchasing an additional 3,010 shares during the period. Finally, Intech Investment Management LLC increased its position in Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after purchasing an additional 3,550 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.