Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Acquires $35,380.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 6,100 shares of the company’s stock in a transaction dated Wednesday, June 4th. The stock was bought at an average cost of $5.80 per share, with a total value of $35,380.00. Following the completion of the transaction, the chief executive officer now owns 157,267 shares in the company, valued at approximately $912,148.60. This trade represents a 4.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Granite Ridge Resources Trading Up 0.3%

Shares of GRNT stock opened at $5.84 on Friday. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.10. The firm has a fifty day moving average price of $5.25 and a 200-day moving average price of $5.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $765.17 million, a price-to-earnings ratio of 16.21, a PEG ratio of 1.29 and a beta of 0.31.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $122.93 million during the quarter, compared to analysts’ expectations of $115.30 million. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. As a group, equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.54%. Granite Ridge Resources’s dividend payout ratio is 488.89%.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Spider Management Company LLC grew its stake in shares of Granite Ridge Resources by 21.4% in the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after buying an additional 872,282 shares in the last quarter. Northwestern University purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth $117,000. Belvedere Trading LLC purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth $75,000. Charles Schwab Investment Management Inc. grew its stake in shares of Granite Ridge Resources by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company’s stock worth $2,861,000 after buying an additional 18,348 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock worth $116,000 after buying an additional 2,735 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on GRNT. Stephens reissued an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Wall Street Zen raised shares of Granite Ridge Resources from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.33.

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.