Granite Ridge Resources (NYSE:GRNT) Director Buys $22,160.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 4,000 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were acquired at an average price of $5.54 per share, with a total value of $22,160.00. Following the completion of the purchase, the director directly owned 143,143 shares of the company’s stock, valued at approximately $793,012.22. The trade was a 2.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Thursday, March 12th, John Mccartney purchased 5,000 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.16 per share, for a total transaction of $25,800.00.
• On Wednesday, March 11th, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $5.12 per share, with a total value of $10,240.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock traded up $0.01 on Friday, hitting $5.51. 375,845 shares of the company’s stock were exchanged, compared to its average volume of 842,668. The company has a 50 day moving average of $5.53 and a 200 day moving average of $5.16. The stock has a market cap of $726.09 million, a P/E ratio of -22.02 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $126.68 million. On average, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.53 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 8.0%. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Analyst Ratings Changes

A number of analysts have weighed in on GRNT shares. Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Stephens dropped their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Hold” and an average price target of $11.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. increased 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 during the period. Unison Advisors LLC acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth $644,000. Ausdal Financial Partners Inc. bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth $182,000. Intech Investment Management LLC grew its stake in shares of Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after purchasing an additional 3,550 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in Granite Ridge Resources in the second quarter valued at $104,000. Institutional investors own 31.56% of the company’s stock.

About Granite Ridge Resources

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.