Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Acquires 4,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney purchased 4,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was acquired at an average price of $5.18 per share, with a total value of $20,720.00. Following the completion of the purchase, the director owned 95,091 shares of the company’s stock, valued at $492,571.38. The trade was a 4.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Thursday, November 13th, John Mccartney acquired 4,000 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.17 per share, for a total transaction of $20,680.00.
• On Tuesday, November 11th, John Mccartney acquired 4,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.26 per share, with a total value of $21,040.00.
• On Thursday, August 21st, John Mccartney bought 974 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.30 per share, with a total value of $5,162.20.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT traded up $0.02 during midday trading on Tuesday, reaching $5.14. The company had a trading volume of 285,311 shares, compared to its average volume of 533,975. The business’s 50-day simple moving average is $5.36 and its 200 day simple moving average is $5.52. The stock has a market cap of $673.97 million, a P/E ratio of 18.34, a P/E/G ratio of 2.01 and a beta of 0.34. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.00. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Monday, September 11th. The company reported $0.61 earnings per share for the quarter. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The firm had revenue of $150.27 million for the quarter. On average, analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.6%. The ex-dividend date of this dividend is Friday, November 28th. Granite Ridge Resources’s dividend payout ratio is presently 157.14%.

Analyst Ratings Changes

A number of equities analysts have weighed in on GRNT shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.00.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Granite Ridge Resources by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock valued at $24,197,000 after acquiring an additional 282,132 shares during the period. American Century Companies Inc. grew its position in Granite Ridge Resources by 12.9% in the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after acquiring an additional 303,059 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Granite Ridge Resources by 11.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,582,366 shares of the company’s stock valued at $13,972,000 after acquiring an additional 265,080 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Granite Ridge Resources by 2.0% during the second quarter. Geode Capital Management LLC now owns 1,297,868 shares of the company’s stock worth $8,269,000 after purchasing an additional 25,846 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.