Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) Director Acquires $50,745.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was bought at an average cost of $5.97 per share, with a total value of $50,745.00. Following the acquisition, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Friday, August 16th, Matthew Reade Miller acquired 4,938 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $6.50 per share, for a total transaction of $32,097.00.

Granite Ridge Resources Stock Performance

GRNT stock opened at $6.23 on Friday. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. Granite Ridge Resources, Inc. has a twelve month low of $5.20 and a twelve month high of $7.10. The business’s fifty day moving average is $6.46 and its 200-day moving average is $6.41. The company has a market cap of $814.51 million, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.45 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last posted 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 return on equity of 13.01% and a net margin of 14.39%. The company had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Equities research analysts forecast that Granite Ridge Resources, Inc. will post 0.59 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.06%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Analyst Upgrades and Downgrades

Separately, Bank of America reaffirmed a “neutral” rating and set a $7.00 price target on shares of Granite Ridge Resources in a research note on Friday, June 14th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.95.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after purchasing an additional 9,978 shares in the last quarter. nVerses Capital LLC acquired a new stake in Granite Ridge Resources during the 2nd quarter worth approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after buying an additional 2,709 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Granite Ridge Resources by 52.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares during the period. Finally, Principal Financial Group Inc. acquired a new stake in shares of Granite Ridge Resources during the first quarter worth $150,000. 31.56% of the stock is currently owned by institutional investors.

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.