Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry Acquires 2,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average cost of $6.54 per share, with a total value of $13,080.00. Following the transaction, the director now directly owns 589,181 shares of the company’s stock, valued at $3,853,243.74. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Granite Ridge Resources Trading Up 0.3 %

GRNT stock traded up $0.02 during midday trading on Thursday, reaching $6.58. The company’s stock had a trading volume of 95,641 shares, compared to its average volume of 401,649. Granite Ridge Resources, Inc. has a 52 week low of $5.20 and a 52 week high of $8.14. The stock has a market cap of $860.27 million, a PE ratio of 14.57 and a beta of 0.20. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. The business’s 50-day simple moving average is $6.51 and its 200-day simple moving average is $6.12.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The business had revenue of $89.00 million during the quarter. As a group, sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.6 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.69%. Granite Ridge Resources’s dividend payout ratio is 97.78%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Trexquant Investment LP acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $787,000. Howard Financial Services LTD. raised its holdings in shares of Granite Ridge Resources by 3.8% during the fourth quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock worth $317,000 after acquiring an additional 1,917 shares during the period. DGS Capital Management LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $100,000. Hamilton Lane Advisors LLC raised its holdings in shares of Granite Ridge Resources by 122.2% during the third quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock worth $51,306,000 after acquiring an additional 4,625,595 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at $9,368,000. 31.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Roth Mkm initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, May 15th. They set a “buy” rating and a $8.80 price objective for the company. Finally, Evercore ISI initiated coverage on shares of Granite Ridge Resources in a report on Monday, April 29th. They set an “in-line” rating and a $8.00 price objective for the company. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Buy” and an average price target of $8.45.

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.