Ronald Kyle Kettler Acquires 6,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler acquired 6,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was acquired at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the acquisition, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. The trade was a 4.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Friday, March 13th, Ronald Kyle Kettler acquired 3,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.17 per share, for a total transaction of $15,510.00.
• On Tuesday, March 10th, Ronald Kyle Kettler acquired 5,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.18 per share, for a total transaction of $25,900.00.

Granite Ridge Resources Stock Down 1.7%

GRNT stock opened at $4.86 on Friday. The firm’s fifty day simple moving average is $5.52 and its 200-day simple moving average is $5.15. The company has a market capitalization of $640.49 million, a P/E ratio of -19.42 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to analysts’ expectations 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 research analysts forecast that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 9.1%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio is -176.00%.

Analyst Upgrades and Downgrades

GRNT has been the subject of several analyst reports. Weiss Ratings cut shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, May 25th. Finally, Stephens decreased their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $11.00.

Hedge Funds Weigh In On Granite Ridge Resources

Large investors have recently made changes to their positions in the company. First Horizon Corp acquired a new position in shares of Granite Ridge Resources in the 4th quarter valued at $35,000. Osaic Holdings Inc. lifted its stake in shares of 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 lifted its stake in shares of 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. OpenArc Corporate Advisory LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth $52,000. Finally, Tower Research Capital LLC TRC raised its position 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 acquiring an additional 4,635 shares during the period. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

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.