Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Buys 2,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney purchased 2,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average cost of $5.12 per share, for a total transaction of $10,240.00. Following the transaction, the director directly owned 131,143 shares of the company’s stock, valued at $671,452.16. This represents a 1.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Granite Ridge Resources Price Performance

Shares of GRNT traded up $0.06 during trading hours on Friday, hitting $5.18. 615,780 shares of the company were exchanged, compared to its average volume of 691,406. The company has a quick ratio of 1.41, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The company has a market cap of $680.31 million, a price-to-earnings ratio of 28.75, a P/E/G ratio of 3.19 and a beta of 0.34. The firm’s fifty day moving average is $4.88 and its 200 day moving average is $5.12.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The firm had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. On average, equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 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, March 13th. Investors of record on Friday, February 27th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is 244.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GRNT shares. Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Hedge Funds Weigh In On Granite Ridge Resources

Several large investors have recently bought and sold shares of GRNT. Great Lakes Advisors LLC bought a new stake in shares of Granite Ridge Resources during the first quarter worth about $113,000. Jane Street Group LLC bought a new position in shares of Granite Ridge Resources during the first quarter valued at $131,000. Savant Capital LLC bought a new position in shares of Granite Ridge Resources during the second quarter valued at $126,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Granite Ridge Resources during the second quarter worth $659,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Granite Ridge Resources in the second quarter worth $71,000. 31.56% of the stock is currently owned by institutional investors.

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.