Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) Director Buys 8,500 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the acquisition, the director now directly owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, August 16th, Matthew Reade Miller bought 4,938 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $6.50 per share, for a total transaction of $32,097.00.

Granite Ridge Resources Price Performance

GRNT stock opened at $6.23 on Friday. The company has a market capitalization of $814.51 million, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.45 and a beta of 0.19. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The business has a 50-day simple moving average of $6.46 and a two-hundred day simple moving average of $6.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The firm had revenue of $90.65 million during the quarter, compared to the consensus estimate of $96.97 million. During the same quarter in the previous year, the company earned $0.19 EPS. Research analysts expect that Granite Ridge Resources, Inc. will post 0.59 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.06%. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Analysts Set New Price Targets

Separately, Bank of America reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.95.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Granite Ridge Resources by 20.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the period. Principal Financial Group Inc. grew its position in Granite Ridge Resources by 17.2% during the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after buying an additional 3,980 shares during the period. Swiss National Bank increased its holdings in Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after buying an additional 6,900 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Granite Ridge Resources by 14.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after acquiring an additional 7,304 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Granite Ridge Resources by 52.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after acquiring an additional 7,965 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.