Ronald Kyle Kettler Acquires 3,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average price of $5.17 per share, with a total value of $15,510.00. Following the completion of the purchase, the chief financial officer owned 123,276 shares in the company, valued at approximately $637,336.92. This trade represents a 2.49% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

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

Granite Ridge Resources Stock Up 0.7%

GRNT stock opened at $5.32 on Wednesday. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one 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 firm’s fifty day moving average is $4.92 and its 200 day moving average is $5.10. The firm has a market cap of $698.71 million, a PE ratio of 29.53, a P/E/G ratio of 3.32 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data 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). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The firm had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.3%. The ex-dividend date was Friday, February 27th. Granite Ridge Resources’s payout ratio is currently 244.44%.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently modified their holdings of GRNT. Bank of America Corp DE grew its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after purchasing an additional 4,449,582 shares during the period. Zazove Associates LLC acquired a new position in shares of Granite Ridge Resources during the 4th quarter worth about $3,210,000. Goldman Sachs Group Inc. raised its position in shares of Granite Ridge Resources by 115.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock worth $3,890,000 after purchasing an additional 442,900 shares during the last quarter. Jane Street Group LLC purchased a new position in Granite Ridge Resources in the 4th quarter valued at about $1,495,000. Finally, American Century Companies Inc. lifted its stake in Granite Ridge Resources by 12.9% in the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $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.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GRNT shares. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold”.

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.