Granite Ridge Resources (NYSE:GRNT) CEO Tyler Farquharson Acquires 12,500 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson purchased 12,500 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was purchased at an average cost of $5.21 per share, with a total value of $65,125.00. Following the completion of the acquisition, the chief executive officer owned 334,743 shares in the company, valued at approximately $1,744,011.03. This trade represents a 3.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Granite Ridge Resources Price Performance

GRNT traded up $0.04 on Thursday, reaching $5.11. The company had a trading volume of 115,251 shares, compared to its average volume of 674,029. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.25. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.72. The company has a market cap of $671.10 million, a price-to-earnings ratio of 28.36, a P/E/G ratio of 2.46 and a beta of 0.34. The business has a 50 day simple moving average of $4.87 and a 200 day simple moving average of $5.12.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The firm had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. As a group, sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 244.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold”.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently added to or reduced their stakes in GRNT. State of Alaska Department of Revenue purchased a new position in shares of Granite Ridge Resources in the third quarter worth $26,000. First Horizon Corp bought a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $35,000. Osaic Holdings Inc. grew its position 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 purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 5,492 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth about $52,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.