Granite Ridge Resources (NYSE:GRNT) Shares Gap Up Following Insider Buying Activity

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $5.48, but opened at $5.70. Granite Ridge Resources shares last traded at $5.7220, with a volume of 180,868 shares changing hands.

Specifically, Director Griffin Perry acquired 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were acquired at an average cost of $5.49 per share, with a total value of $549,000.00. Following the transaction, the director owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. The trade was a 9.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller acquired 18,180 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the transaction, the director directly owned 1,350,213 shares in the company, valued at $7,034,609.73. This represents a 1.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In other Granite Ridge Resources news, CEO Tyler Farquharson purchased 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $5.15 per share, with a total value of $51,500.00. Following the transaction, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Stephens cut their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.00.

Granite Ridge Resources Stock Up 4.5%

The company has a market capitalization of $755.10 million, a price-to-earnings ratio of -22.90 and a beta of 0.26. The firm’s 50 day moving average price is $5.50 and its two-hundred day moving average price is $5.15. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, May 29th. This represents a $0.44 annualized dividend and a dividend yield of 7.7%. Granite Ridge Resources’s payout ratio is currently -176.00%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources during the 3rd quarter worth about $26,000. Osaic Holdings Inc. grew its stake in Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after buying an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after buying an additional 5,492 shares during the last quarter. First Horizon Corp acquired a new position in Granite Ridge Resources in the 4th quarter valued at about $35,000. Finally, Tower Research Capital LLC TRC grew its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after buying an additional 4,635 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.