Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Buys 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $5.16 per share, with a total value of $25,800.00. Following the transaction, the director directly owned 136,143 shares of the company’s stock, valued at $702,497.88. This represents a 3.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

John Mccartney also recently made the following trade(s):

• On Wednesday, March 11th, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.12 per share, for a total transaction of $10,240.00.

Granite Ridge Resources Price Performance

GRNT stock traded up $0.17 during midday trading on Monday, hitting $5.35. The company’s stock had a trading volume of 612,115 shares, compared to its average volume of 697,040. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $702.65 million, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 3.26 and a beta of 0.34. The company has a 50 day moving average of $4.89 and a two-hundred day moving average of $5.11.

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 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 the consensus estimate of $120.76 million. On average, analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.11 dividend. The ex-dividend date was Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.2%. Granite Ridge Resources’s payout ratio is presently 244.44%.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently made changes to their positions in the business. Sfmg LLC lifted its stake in shares of Granite Ridge Resources by 28.1% in the 2nd quarter. Sfmg LLC now owns 310,606 shares of the company’s stock valued at $1,979,000 after purchasing an additional 68,112 shares during the last quarter. American Century Companies Inc. increased its position 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 purchasing an additional 303,059 shares during the last quarter. Prudential Financial Inc. purchased a new stake in Granite Ridge Resources during the 2nd quarter valued at $657,000. Savant Capital LLC bought a new stake in Granite Ridge Resources in the second quarter worth $126,000. Finally, XTX Topco Ltd boosted its stake in Granite Ridge Resources by 6.0% during the second quarter. XTX Topco Ltd now owns 36,850 shares of the company’s stock worth $235,000 after buying an additional 2,095 shares during the period. 31.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GRNT. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Granite Ridge Resources currently has an average rating of “Hold”.

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.