Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Purchases 4,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney acquired 4,000 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $5.41 per share, for a total transaction of $21,640.00. Following the completion of the purchase, the director directly owned 108,117 shares of the company’s stock, valued at approximately $584,912.97. The trade was a 3.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, December 1st, John Mccartney purchased 1,026 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.23 per share, with a total value of $5,365.98.
• On Monday, November 17th, John Mccartney acquired 4,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.18 per share, with a total value of $20,720.00.
• On Thursday, November 13th, John Mccartney bought 4,000 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.17 per share, with a total value of $20,680.00.
• On Tuesday, November 11th, John Mccartney purchased 4,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.26 per share, for a total transaction of $21,040.00.

Granite Ridge Resources Stock Down 1.8%

Shares of GRNT stock traded down $0.10 on Monday, hitting $5.33. 259,048 shares of the stock were exchanged, compared to its average volume of 535,864. The firm has a market capitalization of $698.91 million, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 2.16 and a beta of 0.34. The business has a 50-day moving average of $5.27 and a 200 day moving average of $5.50. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.00.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Monday, September 11th. The company reported $0.61 earnings per share (EPS) for the quarter. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The firm had revenue of $150.27 million for the quarter. Equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.3%. The ex-dividend date is Friday, November 28th. Granite Ridge Resources’s payout ratio is presently 157.14%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GRNT. State of Alaska Department of Revenue acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $26,000. Osaic Holdings Inc. increased its position in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its stake in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. Finally, Ieq Capital LLC bought a new stake in Granite Ridge Resources in the 1st quarter valued at about $62,000. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GRNT. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.00.

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.