John Mccartney Purchases 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were purchased at an average price of $5.04 per share, with a total value of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares of the company’s stock, valued at $776,880.72. This represents a 3.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, August 13th, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.00 per share, with a total value of $10,000.00.

Granite Ridge Resources Price Performance

GRNT stock traded up $0.10 during midday trading on Wednesday, reaching $5.17. The stock had a trading volume of 1,027,641 shares, compared to its average volume of 892,122. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The company’s fifty day simple moving average is $4.77 and its 200 day simple moving average is $5.11. The company has a market cap of $681.26 million, a price-to-earnings ratio of -24.60 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th 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, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. raised its stake in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after acquiring an additional 3,994 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Granite Ridge Resources in the second quarter valued at approximately $47,000. Jefferies Financial Group Inc. purchased a new stake in Granite Ridge Resources in the second quarter valued at approximately $49,000. Finally, Vise Technologies Inc. acquired a new position in Granite Ridge Resources during the second quarter worth $52,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

GRNT has been the subject of several recent research reports. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Stephens lowered their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Northland Securities initiated coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

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.