Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Purchases $549,000.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry bought 100,000 shares of the business’s stock in a transaction on Monday, May 18th. The stock was purchased at an average cost of $5.49 per share, with a total value of $549,000.00. Following the purchase, the director owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. This represents a 9.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Granite Ridge Resources Trading Down 1.8%

GRNT stock opened at $5.65 on Thursday. The company has a market capitalization of $744.58 million, a PE ratio of -22.58 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.72. The company’s 50 day moving average price is $5.52 and its two-hundred day moving average price is $5.15.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data 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). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The business had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. As a group, analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.8%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sherbrooke Park Advisers LLC raised its position in Granite Ridge Resources by 12.9% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after purchasing an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after buying an additional 2,596 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after acquiring an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after acquiring an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after acquiring an additional 3,550 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GRNT. Weiss Ratings raised Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Stephens reduced their price target 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. Finally, Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Granite Ridge Resources currently has an average rating of “Hold” and a consensus target price of $11.00.

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.