Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Purchases 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average price of $5.04 per share, with a total value of $25,200.00. Following the completion of the acquisition, the director owned 154,143 shares of the company’s stock, valued at $776,880.72. This trade represents a 3.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, August 13th, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The shares were bought at an average cost of $5.00 per share, for a total transaction of $10,000.00.

Granite Ridge Resources Stock Up 1.5%

Granite Ridge Resources stock opened at $5.13 on Thursday. The firm has a market cap of $677.31 million, a PE ratio of -24.45 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50 day moving average price is $4.79 and its two-hundred day moving average price is $5.11. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The company had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. On average, research analysts predict that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.6%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -209.52%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Freedom Capital raised Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Stephens lowered their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Institutional Investors Weigh In On Granite Ridge Resources

A number of large investors have recently bought and sold shares of GRNT. BlackRock Inc. acquired a new position in Granite Ridge Resources during the second quarter worth $21,910,000. Bank of America Corp DE lifted its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after buying an additional 4,449,582 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources during the 1st quarter valued at about $6,624,000. Bank of New York Mellon Corp acquired a new stake in Granite Ridge Resources in the 2nd quarter worth approximately $4,162,000. Finally, Zazove Associates LLC bought a new stake in Granite Ridge Resources during the fourth quarter worth approximately $3,210,000. 31.56% of the stock is currently owned by institutional investors.

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.