Matthew Reade Miller Acquires 17,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 17,000 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was purchased at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the purchase, the director now directly owns 1,261,877 shares in the company, valued at approximately $7,546,024.46. This represents a 1.37% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through this link.

Granite Ridge Resources Trading Up 1.8%

Shares of NYSE:GRNT traded up $0.11 during mid-day trading on Monday, hitting $6.09. The stock had a trading volume of 218,608 shares, compared to its average volume of 458,528. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market cap of $797.96 million, a PE ratio of 16.90, a P/E/G ratio of 1.29 and a beta of 0.31. The company’s 50 day moving average is $5.32 and its 200-day moving average is $5.85.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The business had revenue of $122.93 million during the quarter, compared to analysts’ expectations of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. On average, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a dividend of $0.11 per share. The ex-dividend date was Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.23%. Granite Ridge Resources’s payout ratio is 488.89%.

Analyst Ratings Changes

A number of analysts recently weighed in on GRNT shares. Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Wall Street Zen raised Granite Ridge Resources from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Stephens reiterated an “overweight” rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Grey Rock Energy Management LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $357,018,000. Hamilton Lane Advisors LLC increased its position in Granite Ridge Resources by 15.5% in the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company’s stock valued at $51,562,000 after acquiring an additional 1,139,430 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock valued at $27,353,000 after purchasing an additional 418,059 shares in the last quarter. Georgetown University lifted its stake in shares of Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after acquiring an additional 697,823 shares during the period. Finally, American Century Companies Inc. lifted its position in Granite Ridge Resources by 9.4% during the 1st quarter. American Century Companies Inc. now owns 2,249,990 shares of the company’s stock valued at $13,680,000 after purchasing an additional 193,912 shares during the period. Institutional investors 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.