Tyler Farquharson Acquires 10,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson purchased 10,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $5.15 per share, with a total value of $51,500.00. Following the transaction, the chief executive officer owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This trade represents a 2.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Tyler Farquharson also recently made the following trade(s):

• On Tuesday, March 10th, Tyler Farquharson purchased 12,500 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.21 per share, with a total value of $65,125.00.

Granite Ridge Resources Stock Performance

GRNT traded down $0.09 during trading on Wednesday, hitting $5.16. 955,629 shares of the company traded hands, compared to its average volume of 842,762. The firm has a market cap of $679.92 million, a P/E ratio of -20.62, a price-to-earnings-growth ratio of 0.48 and a beta of 0.26. The stock’s fifty day moving average is $5.49 and its 200 day moving average is $5.15. The company has a quick ratio of 1.25, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, equities analysts predict that Granite Ridge Resources, Inc. will post 0.69 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 8.5%. Granite Ridge Resources’s dividend payout ratio is -176.00%.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of Granite Ridge Resources in the third quarter worth about $26,000. Osaic Holdings Inc. lifted its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after buying an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after buying an additional 5,492 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Granite Ridge Resources in the fourth quarter worth about $35,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after buying an additional 4,635 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRNT has been the topic of several recent research reports. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings raised shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday. Finally, Stephens dropped their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Granite Ridge Resources has an average rating of “Hold” and a consensus target price of $11.00.

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.