Granite Ridge Resources (NYSE:GRNT) CEO Tyler Farquharson Purchases 10,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was bought at an average price of $5.15 per share, with a total value of $51,500.00. Following the purchase, the chief executive officer directly owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This represents a 2.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Tyler Farquharson also recently made the following trade(s):

• On Tuesday, March 10th, Tyler Farquharson acquired 12,500 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.21 per share, with a total value of $65,125.00.

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $5.16 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 1.25. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.72. The company has a market capitalization of $679.94 million, a PE ratio of -20.62, a P/E/G ratio of 0.62 and a beta of 0.26. The company has a fifty day moving average of $5.49 and a two-hundred day moving average of $5.14.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, analysts expect that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a $0.11 dividend. The ex-dividend date is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a yield of 8.5%. Granite Ridge Resources’s payout ratio is currently -176.00%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Stephens dropped their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Granite Ridge Resources has a consensus rating of “Hold” and a consensus price target of $11.00.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers purchased a new stake in shares of Granite Ridge Resources in the first quarter valued at about $119,000. First Trust Advisors LP boosted its holdings in shares of Granite Ridge Resources by 47.1% in the first quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock valued at $2,152,000 after acquiring an additional 117,451 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Granite Ridge Resources by 15.7% in the first 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 in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Granite Ridge Resources by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 949,688 shares of the company’s stock valued at $5,575,000 after acquiring an additional 12,089 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Granite Ridge Resources in the first quarter valued at about $391,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

About Granite Ridge Resources

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.