Griffin Perry Buys 100,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Griffin Perry purchased 100,000 shares of Granite Ridge Resources stock in a transaction on Monday, May 18th. The shares were acquired at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the purchase, the director owned 1,163,903 shares in the company, valued at approximately $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Granite Ridge Resources Trading Up 5.2%

Shares of Granite Ridge Resources stock opened at $5.77 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a market cap of $760.40 million, a PE ratio of -23.06 and a beta of 0.26. The business’s fifty day moving average is $5.51 and its two-hundred day moving average is $5.15. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Analysts anticipate that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Wall Street Analysts Forecast Growth

GRNT has been the topic of several research reports. Stephens cut their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Weiss Ratings raised Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Granite Ridge Resources presently has a consensus rating of “Hold” and an average price target of $11.00.

Institutional Trading of Granite Ridge Resources

Several large investors have recently modified their holdings of GRNT. Great Lakes Advisors LLC acquired a new stake in shares of Granite Ridge Resources during the first quarter valued at about $113,000. Jane Street Group LLC acquired a new stake in shares of Granite Ridge Resources during the first quarter valued at about $131,000. Creative Planning acquired a new stake in shares of Granite Ridge Resources during the second quarter valued at about $225,000. JPMorgan Chase & Co. grew its stake in Granite Ridge Resources by 1,115.3% in the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock worth $1,989,000 after purchasing an additional 286,556 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Granite Ridge Resources by 2,610.9% in the second quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock worth $92,000 after purchasing an additional 13,864 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.