Granite Ridge Resources (NYSE:GRNT) Director Acquires $22,160.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 4,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were purchased at an average cost of $5.54 per share, with a total value of $22,160.00. Following the purchase, the director directly owned 143,143 shares of the company’s stock, valued at $793,012.22. The trade was a 2.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Thursday, March 12th, John Mccartney purchased 5,000 shares of Granite Ridge Resources stock. The shares were purchased at an average cost of $5.16 per share, for a total transaction of $25,800.00.
• 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 0.1%

Shares of GRNT stock traded up $0.01 during mid-day trading on Friday, hitting $5.51. The company’s stock had a trading volume of 375,845 shares, compared to its average volume of 842,668. The company has a market cap of $726.09 million, a PE ratio of -22.02 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The company’s fifty day simple moving average is $5.53 and its 200-day simple moving average is $5.16. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate 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 business had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. As a group, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given 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 dividend yield of 8.0%. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources during the third quarter worth approximately $26,000. Osaic Holdings Inc. grew its position in Granite Ridge Resources by 264.2% in the 2nd 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 position in Granite Ridge Resources by 2,398.3% in the 2nd 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. First Horizon Corp bought a new stake in Granite Ridge Resources during the 4th quarter valued at $35,000. Finally, Tower Research Capital LLC TRC raised its holdings in Granite Ridge Resources by 103.0% during 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 during the last quarter. Institutional investors own 31.56% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on GRNT. Stephens cut their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating 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 company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average 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.