Granite Ridge Resources (NYSE:GRNT) CFO Ronald Kyle Kettler Purchases 6,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kettler acquired 6,000 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average cost of $5.05 per share, with a total value of $30,300.00. Following the purchase, the chief financial officer directly owned 135,276 shares of the company’s stock, valued at $683,143.80. This trade represents a 4.64% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Granite Ridge Resources Price Performance

NYSE GRNT traded up $0.01 during trading on Tuesday, reaching $5.09. The company’s stock had a trading volume of 849,046 shares, compared to its average volume of 916,596. The stock has a market capitalization of $672.03 million, a PE ratio of -24.26 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a fifty day moving average of $4.82 and a 200 day moving average of $5.11. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Analysts expect that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources’s payout ratio is currently -209.52%.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Granite Ridge Resources during the second quarter valued at approximately $21,910,000. Bank of America Corp DE boosted its position in Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after buying an additional 4,449,582 shares during the period. Vanguard Group Inc. grew its holdings in Granite Ridge Resources by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after acquiring an additional 282,132 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after acquiring an additional 448,066 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Granite Ridge Resources by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock valued at $6,944,000 after acquiring an additional 95,810 shares during the period. 31.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GRNT. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. Northland Securities assumed coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target on the stock. Finally, Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.00.

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.