Insider Buying: Granite Ridge Resources (NYSE:GRNT) CFO Buys $25,900.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 5,000 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were acquired at an average cost of $5.18 per share, for a total transaction of $25,900.00. Following the transaction, the chief financial officer directly owned 120,276 shares in the company, valued at approximately $623,029.68. This trade represents a 4.34% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $5.17 on Friday. The company has a 50 day moving average price of $4.89 and a 200-day moving average price of $5.12. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The stock has a market capitalization of $678.99 million, a PE ratio of 28.69, a PEG ratio of 3.22 and a beta of 0.34. 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 (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The business had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. Equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. The ex-dividend date of this dividend was Friday, February 27th. Granite Ridge Resources’s dividend payout ratio is presently 244.44%.

Analyst Ratings Changes

GRNT has been the topic of a number of analyst reports. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Weiss Ratings raised shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after purchasing an additional 4,449,582 shares during the period. Vanguard Group Inc. grew its position in Granite Ridge Resources by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP grew its position in Granite Ridge Resources by 10.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,858,933 shares of the company’s stock worth $13,438,000 after purchasing an additional 276,567 shares during the period. American Century Companies Inc. raised its stake in shares of Granite Ridge Resources by 12.9% during the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after buying an additional 303,059 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Granite Ridge Resources by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock valued at $6,944,000 after buying an additional 95,810 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.