Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller Purchases 4,938 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 4,938 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average cost of $6.50 per share, for a total transaction of $32,097.00. Following the completion of the transaction, the director now directly owns 679,996 shares in the company, valued at $4,419,974. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Matthew Reade Miller also recently made the following trade(s):

• On Monday, June 3rd, Matthew Reade Miller acquired 7,700 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $6.50 per share, with a total value of $50,050.00.

Granite Ridge Resources Price Performance

GRNT opened at $6.60 on Friday. The firm has a market capitalization of $862.91 million, a PE ratio of 14.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.20. The business’s 50-day moving average is $6.42 and its two-hundred day moving average is $6.34. Granite Ridge Resources, Inc. has a 1 year low of $5.20 and a 1 year high of $8.14. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. During the same period in the previous year, the company earned $0.19 EPS. Research analysts anticipate that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.67%. The ex-dividend date of this dividend is Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors have recently added to or reduced their stakes in the business. Georgetown University acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $15,818,000. Silvercrest Asset Management Group LLC grew its position in Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after purchasing an additional 406,500 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Granite Ridge Resources during the 1st quarter valued at approximately $186,000. DGS Capital Management LLC purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth $100,000. Finally, Swiss National Bank lifted its stake in shares of Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after buying an additional 6,900 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

GRNT has been the subject of several research analyst reports. Roth Capital upgraded Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Bank of America reiterated a “neutral” rating and set a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Evercore ISI began coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They issued an “in-line” rating and a $8.00 target price on the stock. Finally, Roth Mkm began coverage on shares of Granite Ridge Resources in a research report on Wednesday, May 15th. They set a “buy” rating and a $8.80 target price on the stock. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $7.95.

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.