Granite Ridge Resources (NYSE:GRNT) CFO Purchases $30,480.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler acquired 6,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was acquired at an average price of $5.08 per share, with a total value of $30,480.00. Following the purchase, the chief financial officer owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Ronald Kyle Kettler also recently made the following trade(s):

• On Friday, March 13th, Ronald Kyle Kettler acquired 3,000 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.17 per share, with a total value of $15,510.00.
• On Tuesday, March 10th, Ronald Kyle Kettler acquired 5,000 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.18 per share, with a total value of $25,900.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock traded down $0.14 during mid-day trading on Friday, reaching $4.81. The company’s stock had a trading volume of 774,285 shares, compared to its average volume of 858,923. 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 cap of $633.78 million, a P/E ratio of -19.26 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50-day moving average is $5.53 and its two-hundred day moving average is $5.15.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (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%. On average, research analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

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 dividend of $0.11 per share. The ex-dividend date is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.2%. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GRNT. Sherbrooke Park Advisers LLC grew its position in shares of Granite Ridge Resources by 12.9% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after buying an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Granite Ridge Resources by 15.9% during the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after purchasing an additional 3,550 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GRNT. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Monday. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Stephens decreased 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 report on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $11.00.

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.