Granite Ridge Resources (NYSE:GRNT) CEO Purchases $51,500.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson bought 10,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average price of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the acquisition, the chief executive officer owned 344,743 shares in the company, valued at approximately $1,775,426.45. The trade was a 2.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Tyler Farquharson also recently made the following trade(s):

• On Tuesday, March 10th, Tyler Farquharson bought 12,500 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.21 per share, for a total transaction of $65,125.00.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock opened at $5.51 on Friday. The company’s 50-day moving average price is $5.49 and its 200-day moving average price is $5.15. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The company has a quick ratio of 1.25, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market cap of $726.09 million, a PE ratio of -22.02, a price-to-earnings-growth ratio of 0.63 and a beta of 0.26.

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 positive return on equity of 4.99% and a negative net margin of 7.13%.The business had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. On average, equities research analysts forecast that Granite Ridge Resources, Inc. will post 0.53 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

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 issued a $0.11 dividend. The ex-dividend date is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.0%. Granite Ridge Resources’s payout ratio is -176.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GRNT. Stephens reduced their target price on shares of 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 upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in Granite Ridge Resources during the 3rd quarter valued at about $26,000. First Horizon Corp purchased a new stake in Granite Ridge Resources in the 4th quarter valued at about $35,000. Osaic Holdings Inc. boosted its position in 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 buying an additional 3,994 shares during the period. EverSource Wealth Advisors LLC boosted its position in 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 buying an additional 5,492 shares during the period. Finally, OpenArc Corporate Advisory LLC purchased a new stake in Granite Ridge Resources in the 4th quarter valued at about $52,000. 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.