Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Acquires 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 5,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $5.16 per share, for a total transaction of $25,800.00. Following the completion of the acquisition, the director directly owned 136,143 shares in the company, valued at approximately $702,497.88. This trade represents a 3.81% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

John Mccartney also recently made the following trade(s):

• On Wednesday, March 11th, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.12 per share, with a total value of $10,240.00.

Granite Ridge Resources Trading Up 1.6%

Shares of Granite Ridge Resources stock opened at $5.27 on Tuesday. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.72. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25. The company has a market capitalization of $692.14 million, a P/E ratio of 29.25, a PEG ratio of 3.26 and a beta of 0.34. The company’s fifty day moving average is $4.90 and its two-hundred day moving average is $5.11.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. The business had revenue of $105.49 million during the quarter, compared to analysts’ expectations of $120.76 million. Analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.4%. Granite Ridge Resources’s dividend payout ratio is currently 244.44%.

Analysts Set New Price Targets

GRNT has been the topic of several analyst reports. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its position in shares of Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Zazove Associates LLC purchased a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $3,210,000. Goldman Sachs Group Inc. lifted its stake in shares of Granite Ridge Resources by 115.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock valued at $3,890,000 after purchasing an additional 442,900 shares during the period. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $1,495,000. Finally, American Century Companies Inc. boosted its holdings in Granite Ridge Resources by 12.9% during the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock worth $14,397,000 after buying an additional 303,059 shares in the last quarter. Institutional investors and hedge funds 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.