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

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kettler purchased 6,000 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was acquired at an average price of $5.05 per share, for a total transaction of $30,300.00. Following the acquisition, the chief financial officer directly owned 135,276 shares of the company’s stock, valued at $683,143.80. This trade represents a 4.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Granite Ridge Resources Price Performance

GRNT opened at $5.08 on Thursday. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a 50 day moving average of $4.85 and a two-hundred day moving average of $5.11. The company has a market cap of $670.71 million, a P/E ratio of -24.21 and a beta of 0.21. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. On average, analysts expect that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 8.7%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. Sherbrooke Park Advisers LLC increased its position in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after acquiring an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after purchasing an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Granite Ridge Resources by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after purchasing an additional 3,550 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GRNT. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.00.

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.