Granite Ridge Resources (NYSE:GRNT) Director Acquires $50,350.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 10,600 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Matthew Reade Miller also recently made the following trade(s):

• On Wednesday, May 13th, Matthew Reade Miller acquired 18,180 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.21 per share, for a total transaction of $94,717.80.
• On Friday, March 13th, Matthew Reade Miller bought 658 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.15 per share, with a total value of $3,388.70.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $4.84 on Friday. The company has a market cap of $637.74 million, a price-to-earnings ratio of -19.34 and a beta of 0.19. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a 50 day moving average of $5.39 and a two-hundred day moving average of $5.14.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm 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 predict that Granite Ridge Resources, Inc. will post 0.47 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently announced 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. This represents a $0.44 annualized dividend and a yield of 9.1%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Wall Street Analyst Weigh In

GRNT has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Stephens lowered their target price on shares of 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 downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, May 25th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $11.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Horizon Corp purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth $35,000. Osaic Holdings Inc. raised its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after buying an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after buying an additional 5,492 shares during the last quarter. OpenArc Corporate Advisory LLC purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth $52,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after buying an additional 4,635 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.