Granite Ridge Resources (NYSE:GRNT) CFO Ronald Kyle Kettler Buys 6,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 6,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was bought at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the transaction, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at $656,722.08. This trade represents a 4.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Ronald Kyle Kettler also recently made the following trade(s):

• On Friday, March 13th, Ronald Kyle Kettler bought 3,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.17 per share, for a total transaction of $15,510.00.
• On Tuesday, March 10th, Ronald Kyle Kettler purchased 5,000 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $5.18 per share, for a total transaction of $25,900.00.

Granite Ridge Resources Trading Down 1.7%

Shares of NYSE:GRNT opened at $4.86 on Friday. The company has a 50 day moving average of $5.52 and a 200-day moving average of $5.15. The firm has a market cap of $640.51 million, a P/E ratio of -19.42 and a beta of 0.26. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

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 firm had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. As a group, analysts anticipate that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be given a $0.11 dividend. The ex-dividend date is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.1%. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. First Horizon Corp bought a new position in shares of Granite Ridge Resources in the 4th quarter valued at approximately $35,000. Osaic Holdings Inc. raised its stake in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC bought a new position in shares of Granite Ridge Resources in the 4th quarter valued at approximately $52,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after acquiring an additional 4,635 shares in the last quarter. 31.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings lowered Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Stephens decreased their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Finally, Zacks Research lowered Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, May 25th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target 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.