Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Acquires 100,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry bought 100,000 shares of the stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the purchase, the director directly owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. The trade was a 9.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Granite Ridge Resources Stock Performance

Shares of GRNT traded down $0.04 during mid-day trading on Monday, reaching $5.48. The company had a trading volume of 982,781 shares, compared to its average volume of 844,569. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.72. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $722.15 million, a P/E ratio of -21.90 and a beta of 0.26. The stock has a 50 day moving average of $5.49 and a two-hundred day moving average of $5.15.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS 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 company had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. On average, analysts expect that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

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

Hedge Funds Weigh In On Granite Ridge Resources

Large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new position in Granite Ridge Resources in the 3rd quarter worth about $26,000. Osaic Holdings Inc. raised its holdings in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares during the last quarter. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $35,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after acquiring an additional 4,635 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

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

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.