Granite Ridge Resources (NYSE:GRNT) Director Matthew Reade Miller Acquires 18,180 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 18,180 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the purchase, the director directly owned 1,350,213 shares in the company, valued at approximately $7,034,609.73. This trade represents a 1.36% 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.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, March 13th, Matthew Reade Miller acquired 658 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.15 per share, for a total transaction of $3,388.70.
• On Tuesday, March 10th, Matthew Reade Miller acquired 10,000 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.10 per share, for a total transaction of $51,000.00.

Granite Ridge Resources Price Performance

NYSE:GRNT opened at $5.16 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.25 and a current ratio of 0.93. The stock’s 50-day simple moving average is $5.49 and its 200 day simple moving average is $5.14. The company has a market cap of $679.94 million, a P/E ratio of -20.62, a P/E/G ratio of 0.62 and a beta of 0.26. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last released its 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 company had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.53 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

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

Institutional Trading of Granite Ridge Resources

Several large investors have recently modified their holdings of GRNT. Cetera Investment Advisers acquired a new stake in Granite Ridge Resources during the first quarter worth about $119,000. First Trust Advisors LP boosted its holdings in shares of Granite Ridge Resources by 47.1% in the 1st quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock valued at $2,152,000 after purchasing an additional 117,451 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Granite Ridge Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock valued at $5,575,000 after purchasing an additional 12,089 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Granite Ridge Resources in the 1st quarter valued at approximately $391,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.