Matthew Reade Miller Acquires 18,180 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 18,180 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average price of $5.21 per share, for a total transaction of $94,717.80. Following the acquisition, the director owned 1,350,213 shares of the company’s stock, valued at approximately $7,034,609.73. This represents a 1.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Friday, March 13th, Matthew Reade Miller purchased 658 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.15 per share, for a total transaction of $3,388.70.
• On Tuesday, March 10th, Matthew Reade Miller purchased 10,000 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.10 per share, for a total transaction of $51,000.00.

Granite Ridge Resources Stock Up 2.8%

GRNT stock opened at $5.31 on Friday. 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 1.25, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average is $5.49 and its 200-day moving average is $5.14. The firm has a market capitalization of $699.73 million, a PE ratio of -21.22, a P/E/G ratio of 0.61 and a beta of 0.26.

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

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -176.00%.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently added to or reduced their stakes in the stock. Sherbrooke Park Advisers LLC increased its position in Granite Ridge Resources by 12.9% in the third 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 increased its position in Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after buying an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Granite Ridge Resources by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in Granite Ridge Resources by 35.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after buying an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after buying an additional 3,550 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on GRNT. Stephens dropped their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Weiss Ratings upgraded Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. One equities research 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, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

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.