Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Acquires 10,600 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 10,600 shares of Granite Ridge Resources stock in a transaction on Tuesday, June 9th. The stock was purchased at an average cost of $4.75 per share, with a total value of $50,350.00. Following the purchase, the director directly owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

Matthew Reade Miller also recently made the following trade(s):

• On Wednesday, May 13th, Matthew Reade Miller bought 18,180 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.21 per share, for a total transaction of $94,717.80.
• On Friday, March 13th, Matthew Reade Miller bought 658 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.15 per share, for a total transaction of $3,388.70.

Granite Ridge Resources Stock Down 1.3%

Shares of GRNT stock traded down $0.07 during trading hours on Tuesday, reaching $4.79. The company had a trading volume of 810,442 shares, compared to its average volume of 868,321. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. The business has a fifty day simple moving average of $5.45 and a 200-day simple moving average of $5.14. The company has a market cap of $631.12 million, a price-to-earnings ratio of -19.10 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share 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 company had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. On average, research analysts expect that Granite Ridge Resources, Inc. will post 0.47 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s payout ratio is presently -176.00%.

Analyst Ratings Changes

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

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently made changes to their positions in GRNT. Great Lakes Advisors LLC bought a new stake in shares of Granite Ridge Resources in the first quarter valued at $113,000. Jane Street Group LLC bought a new stake in shares of Granite Ridge Resources in the first quarter valued at $131,000. Creative Planning bought a new stake in shares of Granite Ridge Resources in the second quarter valued at $225,000. JPMorgan Chase & Co. raised its stake in shares of Granite Ridge Resources by 1,115.3% in the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock valued at $1,989,000 after buying an additional 286,556 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Granite Ridge Resources by 2,610.9% in the second quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock valued at $92,000 after buying an additional 13,864 shares during the period. 31.56% of the stock is currently owned by institutional investors.

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.