Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Acquires 4,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 4,000 shares of the stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average price of $5.26 per share, for a total transaction of $21,040.00. Following the completion of the transaction, the director owned 87,091 shares of the company’s stock, valued at approximately $458,098.66. The trade was a 4.81% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

John Mccartney also recently made the following trade(s):

• On Thursday, August 21st, John Mccartney purchased 974 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.30 per share, with a total value of $5,162.20.
• On Monday, August 18th, John Mccartney bought 5,000 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.25 per share, with a total value of $26,250.00.
• On Friday, August 15th, John Mccartney purchased 5,000 shares of Granite Ridge Resources stock. The shares were bought at an average cost of $5.30 per share, for a total transaction of $26,500.00.

Granite Ridge Resources Stock Performance

GRNT traded up $0.06 on Thursday, hitting $5.16. 174,008 shares of the company traded hands, compared to its average volume of 533,352. The company has a 50 day moving average of $5.37 and a 200-day moving average of $5.51. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.00. The stock has a market capitalization of $676.59 million, a PE ratio of 18.41, a PEG ratio of 1.90 and a beta of 0.34. The company has a quick ratio of 1.32, a current ratio of 1.41 and a debt-to-equity ratio of 0.47.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Monday, September 11th. The company reported $0.61 earnings per share for the quarter. The firm had revenue of $150.27 million during the quarter. Granite Ridge Resources had a return on equity of 12.12% and a net margin of 8.38%. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $0.11 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.5%. Granite Ridge Resources’s payout ratio is 157.14%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE grew its stake in Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after acquiring an additional 4,449,582 shares during the last quarter. Nuveen LLC acquired a new position in shares of Granite Ridge Resources during the 1st quarter worth approximately $5,860,000. Segall Bryant & Hamill LLC purchased a new stake in Granite Ridge Resources in the 1st quarter valued at approximately $2,235,000. American Century Companies Inc. grew its holdings in Granite Ridge Resources by 12.9% during the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock valued at $14,397,000 after buying an additional 303,059 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Granite Ridge Resources by 1,115.3% during the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock worth $1,989,000 after buying an additional 286,556 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GRNT. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.00.

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.