Granite Ridge Resources (NYSE:GRNT) Director Michele Everard Purchases 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Michele Everard purchased 5,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were purchased at an average price of $5.17 per share, with a total value of $25,850.00. Following the transaction, the director directly owned 71,143 shares of the company’s stock, valued at approximately $367,809.31. The trade was a 7.56% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock traded up $0.06 during midday trading on Friday, reaching $5.18. 615,780 shares of the stock traded hands, compared to its average volume of 691,406. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. 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 cap of $680.31 million, a price-to-earnings ratio of 28.75, a PEG ratio of 3.19 and a beta of 0.34. The firm has a fifty day moving average price of $4.88 and a two-hundred day moving average price of $5.12.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates 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%. On average, equities research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.5%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 244.44%.

Wall Street Analyst Weigh In

GRNT has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Granite Ridge Resources has an average rating of “Hold”.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in GRNT. Corient Private Wealth LLC increased its holdings in shares of Granite Ridge Resources by 29.1% in the fourth quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock valued at $96,000 after buying an additional 4,587 shares in the last quarter. Invesco Ltd. raised its position in shares of Granite Ridge Resources by 12.5% during the fourth quarter. Invesco Ltd. now owns 135,079 shares of the company’s stock worth $635,000 after purchasing an additional 14,966 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Granite Ridge Resources by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after purchasing an additional 2,596 shares during the period. Zazove Associates LLC acquired a new position in shares of Granite Ridge Resources in the 4th quarter valued at $3,210,000. Finally, VARCOV Co. purchased a new position in Granite Ridge Resources in the 4th quarter worth about $405,000. 31.56% of the stock is currently owned by institutional investors.

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.