Michele Everard Buys 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Michele Everard purchased 5,000 shares of Granite Ridge Resources stock in a transaction dated Thursday, March 12th. The stock was bought at an average cost of $5.17 per share, for a total transaction of $25,850.00. Following the completion of the purchase, the director directly owned 71,143 shares in the company, valued at approximately $367,809.31. This trade represents a 7.56% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $5.17 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.25. The stock has a market capitalization of $678.99 million, a P/E ratio of 28.69, a PEG ratio of 3.22 and a beta of 0.34. The company has a 50 day moving average price of $4.89 and a 200 day moving average price of $5.12. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results 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). The company had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. Equities research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. The ex-dividend date was Friday, February 27th. Granite Ridge Resources’s payout ratio is currently 244.44%.

Institutional Trading of Granite Ridge Resources

A number of institutional investors have recently bought and sold shares of GRNT. XTX Topco Ltd lifted its holdings in shares of Granite Ridge Resources by 6.0% in the 2nd quarter. XTX Topco Ltd now owns 36,850 shares of the company’s stock valued at $235,000 after purchasing an additional 2,095 shares during the last quarter. Sherbrooke Park Advisers LLC grew its stake in Granite Ridge Resources by 12.9% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after buying an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after buying an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its position in Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after buying an additional 3,010 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRNT has been the topic of several research reports. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

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.