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

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the purchase, the chief financial officer owned 120,276 shares of the company’s stock, valued at $623,029.68. The trade was a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Granite Ridge Resources Trading Up 2.1%

GRNT stock traded up $0.11 during midday trading on Wednesday, reaching $5.13. The company’s stock had a trading volume of 463,520 shares, compared to its average volume of 675,371. The business’s 50-day simple moving average is $4.86 and its 200-day simple moving average is $5.12. The company has a quick ratio of 1.41, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.72. The stock has a market cap of $673.73 million, a PE ratio of 28.53, a price-to-earnings-growth ratio of 2.61 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). The business had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. As a group, sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently weighed in on GRNT shares. Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources in the third quarter valued at approximately $26,000. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $35,000. Osaic Holdings Inc. lifted its position in 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 lifted its position in 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. Finally, OpenArc Corporate Advisory LLC acquired a new position in Granite Ridge Resources in the 4th quarter worth $52,000. Institutional investors own 31.56% of the company’s stock.

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.