Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Purchases $20,680.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 4,000 shares of Granite Ridge Resources stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average cost of $5.17 per share, with a total value of $20,680.00. Following the completion of the acquisition, the director directly owned 91,091 shares in the company, valued at $470,940.47. This represents a 4.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, November 17th, John Mccartney bought 4,000 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.18 per share, with a total value of $20,720.00.
• On Tuesday, November 11th, John Mccartney acquired 4,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.26 per share, with a total value of $21,040.00.
• On Thursday, August 21st, John Mccartney purchased 974 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.30 per share, for a total transaction of $5,162.20.

Granite Ridge Resources Trading Down 3.6%

Shares of GRNT opened at $4.98 on Thursday. The firm has a market cap of $652.97 million, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 2.00 and a beta of 0.34. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.00. The company has a 50 day simple moving average of $5.35 and a two-hundred day simple moving average of $5.52.

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

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date is Friday, November 28th. Granite Ridge Resources’s payout ratio is currently 157.14%.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after acquiring an additional 4,449,582 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Granite Ridge Resources by 6.7% during the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock valued at $24,197,000 after buying an additional 282,132 shares during the period. American Century Companies Inc. grew its stake in shares of Granite Ridge Resources by 12.9% during the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after buying an additional 303,059 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Granite Ridge Resources by 11.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,582,366 shares of the company’s stock valued at $13,972,000 after buying an additional 265,080 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Granite Ridge Resources by 2.0% in the second quarter. Geode Capital Management LLC now owns 1,297,868 shares of the company’s stock worth $8,269,000 after buying an additional 25,846 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GRNT shares. Weiss Ratings reissued 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 report on Wednesday, October 22nd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Granite Ridge Resources presently has an average rating of “Hold” and an average target price of $8.00.

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.