Ronald Kyle Kettler Buys 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler purchased 5,000 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was purchased at an average cost of $5.18 per share, for a total transaction of $25,900.00. Following the purchase, the chief financial officer directly owned 120,276 shares in the company, valued at approximately $623,029.68. This trade represents a 4.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Granite Ridge Resources Stock Up 2.1%

Shares of GRNT stock traded up $0.11 on Wednesday, hitting $5.13. 463,520 shares of the stock were exchanged, compared to its average volume of 675,371. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $673.73 million, a P/E ratio of 28.53, a price-to-earnings-growth ratio of 2.61 and a beta of 0.34. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The business has a 50-day moving average of $4.86 and a 200 day moving average of $5.12.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) 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 net margin of 5.41% and a return on equity of 8.91%. Equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.6%. Granite Ridge Resources’s dividend payout ratio is presently 244.44%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GRNT shares. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors have recently added to or reduced their stakes in GRNT. Sfmg LLC increased its stake in shares of Granite Ridge Resources by 28.1% during the 2nd quarter. Sfmg LLC now owns 310,606 shares of the company’s stock worth $1,979,000 after purchasing an additional 68,112 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Granite Ridge Resources during the 2nd quarter valued at $659,000. American Century Companies Inc. boosted its position in Granite Ridge Resources by 4.8% during the second quarter. American Century Companies Inc. now owns 2,358,039 shares of the company’s stock worth $15,021,000 after purchasing an additional 108,049 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Granite Ridge Resources during the 2nd quarter worth approximately $657,000. Finally, Fidelis Capital Partners LLC bought a new stake in Granite Ridge Resources in the 2nd quarter valued at $71,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.