Granite Ridge Resources (NYSE:GRNT) Director Acquires $50,300.00 in Stock

by · The Markets Daily

Granite Ridge Resources, Inc. (NYSE:GRNT – Get Free Report) Director Matthew Miller purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was bought at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the purchase, the director directly owned 1,974,292 shares in the company, valued at $9,930,688.76. This represents a 0.51% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Granite Ridge Resources Trading Down 7.1%

GRNT stock opened at $4.94 on Thursday. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.14. The business’s 50-day moving average is $4.92 and its 200 day moving average is $5.11. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock has a market cap of $651.59 million, a price-to-earnings ratio of -23.52 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT – Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The business had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. On average, sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.9%. The ex-dividend date was Friday, August 28th. Granite Ridge Resources’s dividend payout ratio is -209.52%.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently made changes to their positions in GRNT. BlackRock Inc. acquired a new stake in Granite Ridge Resources in the second quarter valued at $21,910,000. Arrowstreet Capital Limited Partnership purchased a new stake in Granite Ridge Resources during the 1st quarter worth about $6,624,000. Bank of New York Mellon Corp acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $4,162,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $2,210,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of 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 valued at $19,414,000 after acquiring an additional 448,066 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GRNT shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Northland Securities started coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price on the stock. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Zacks Research raised 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 issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.00.

Read Our Latest Stock Analysis on GRNT

About Granite Ridge Resources

(Get Free Report)

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company’s portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.

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