Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Buys $33,100.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Tyler Farquharson purchased 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 19th. The stock was bought at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the transaction, the chief financial officer now directly owns 76,723 shares in the company, valued at $507,906.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $6.28 on Thursday. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $8.14. The stock has a 50 day moving average price of $6.44 and a 200 day moving average price of $6.37. The company has a market capitalization of $820.42 million, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 6.64 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $90.65 million during the quarter, compared to analyst estimates of $96.97 million. During the same quarter in the previous year, the company posted $0.19 EPS. Research analysts predict that Granite Ridge Resources, Inc. will post 0.6 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.01%. The ex-dividend date of this dividend is Friday, August 30th. Granite Ridge Resources’s payout ratio is 97.78%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America restated a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a research note on Friday, June 14th. Evercore ISI assumed coverage on shares of Granite Ridge Resources in a research report on Monday, April 29th. They issued an “in-line” rating and a $8.00 price objective on the stock. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Finally, Roth Mkm began coverage on Granite Ridge Resources in a report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 target price on the stock. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.95.

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Granite Ridge Resources by 20.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the period. Principal Financial Group Inc. grew its position in shares of Granite Ridge Resources by 17.2% during the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after acquiring an additional 3,980 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Granite Ridge Resources by 24,400.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after acquiring an additional 4,880 shares during the period. Swiss National Bank raised its position in Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after purchasing an additional 6,900 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Granite Ridge Resources by 14.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock valued at $374,000 after purchasing an additional 7,304 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.