Granite Ridge Resources (NYSE:GRNT) Director Acquires $549,000.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry bought 100,000 shares of Granite Ridge Resources stock in a transaction on Monday, May 18th. The shares were purchased at an average cost of $5.49 per share, with a total value of $549,000.00. Following the acquisition, the director directly owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. The trade was a 9.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.04 during mid-day trading on Monday, reaching $5.48. 982,781 shares of the stock traded hands, compared to its average volume of 844,569. The business has a 50-day moving average of $5.49 and a 200 day moving average of $5.15. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The stock has a market capitalization of $722.15 million, a PE ratio of -21.90 and a beta of 0.26. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. On average, analysts predict that Granite Ridge Resources, Inc. will post 0.53 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 8.0%. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Institutional Investors Weigh In On Granite Ridge Resources

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 valued at about $26,000. First Horizon Corp purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $35,000. Osaic Holdings Inc. grew 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 valued at $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC grew 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 valued at $36,000 after purchasing an additional 5,492 shares during the period. Finally, OpenArc Corporate Advisory LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

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