Granite Ridge Resources (NYSE:GRNT) Director Matthew Reade Miller Buys 10,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller bought 10,000 shares of the stock in a transaction on Tuesday, March 10th. The shares were acquired at an average cost of $5.10 per share, for a total transaction of $51,000.00. Following the completion of the transaction, the director directly owned 1,328,181 shares of the company’s stock, valued at approximately $6,773,723.10. The trade was a 0.76% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Matthew Reade Miller also recently made the following trade(s):

• On Monday, December 15th, Matthew Reade Miller purchased 648 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.13 per share, with a total value of $3,324.24.

Granite Ridge Resources Stock Up 2.1%

Shares of NYSE GRNT traded up $0.11 during mid-day trading on Wednesday, reaching $5.13. 463,520 shares of the company traded hands, compared to its average volume of 675,371. The company’s fifty day moving average is $4.86 and its two-hundred day moving average is $5.12. 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 fifty-two week low of $4.18 and a fifty-two week high of $6.72. The stock has a market cap of $673.73 million, a PE ratio of 28.53, a price-to-earnings-growth ratio of 2.61 and a beta of 0.34.

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

Granite Ridge Resources Announces Dividend

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

Analyst Ratings Changes

GRNT has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of 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 investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently 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 the company. State of Alaska Department of Revenue bought a new position in Granite Ridge Resources during the third quarter valued at about $26,000. First Horizon Corp bought a new stake in shares of Granite Ridge Resources in the 4th quarter worth approximately $35,000. Osaic Holdings Inc. grew its holdings in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC increased 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 during the period. Finally, OpenArc Corporate Advisory LLC bought a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $52,000. 31.56% of the stock is owned by institutional investors and hedge funds.

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.