Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Buys $16,425.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 2,500 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were acquired at an average cost of $6.57 per share, with a total value of $16,425.00. Following the purchase, the chief executive officer now directly owns 99,133 shares of the company’s stock, valued at approximately $651,303.81. This represents a 2.59 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Granite Ridge Resources Price Performance

NYSE GRNT opened at $6.47 on Friday. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10. The stock has a 50-day moving average of $6.22 and a 200 day moving average of $6.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $845.23 million, a price-to-earnings ratio of 18.19, a PEG ratio of 1.73 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.11 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.81%. Granite Ridge Resources’s dividend payout ratio is presently 122.23%.

Wall Street Analyst Weigh In

Separately, Evercore ISI cut their target price on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. CWM LLC grew its position in Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares during the period. Ground Swell Capital LLC bought a new stake in shares of Granite Ridge Resources in the third quarter worth $66,000. nVerses Capital LLC bought a new stake in shares of Granite Ridge Resources in the second quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after acquiring an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Granite Ridge Resources by 52.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after acquiring an additional 7,965 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.