Granite Ridge Resources (NYSE:GRNT) CFO Ronald Kyle Kettler Buys 6,000 Shares

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

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT opened at $5.12 on Wednesday. The stock has a fifty day moving average price of $4.84 and a two-hundred day moving average price of $5.11. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.14. The firm has a market cap of $674.67 million, a P/E ratio of -24.36 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02.

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

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s payout ratio is presently -209.52%.

Wall Street Analyst Weigh In

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

Institutional Trading of Granite Ridge Resources

Institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. grew its position in Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at $47,000. Jefferies Financial Group Inc. acquired a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at $49,000. Finally, Vise Technologies Inc. bought a new stake in Granite Ridge Resources in the second quarter worth $52,000. 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.