Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg Purchases 2,500 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 2,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were bought at an average price of $6.57 per share, for a total transaction of $16,425.00. Following the completion of the transaction, the chief executive officer now directly owns 99,133 shares in the company, valued at $651,303.81. This represents a 2.59 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Granite Ridge Resources Price Performance

NYSE:GRNT opened at $6.56 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $6.21 and its 200 day moving average price is $6.33. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The firm has a market cap of $857.00 million, a P/E ratio of 18.21, a PEG ratio of 1.76 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a dividend yield of 6.71%. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

Analyst Ratings Changes

Separately, Evercore ISI dropped their target price on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a report on Monday, September 30th.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its holdings in shares of Granite Ridge Resources by 4,228.0% in the second quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after buying an additional 9,978 shares in the last quarter. Ground Swell Capital LLC acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $66,000. nVerses Capital LLC purchased a new stake in shares of Granite Ridge Resources during the second quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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. Finally, The Manufacturers Life Insurance Company increased its stake in Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares in the last quarter. 31.56% of the stock is 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.