Insider Buying: Granite Ridge Resources (NYSE:GRNT) CEO Purchases 12,500 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson purchased 12,500 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were bought at an average price of $5.21 per share, for a total transaction of $65,125.00. Following the purchase, the chief executive officer directly owned 334,743 shares in the company, valued at $1,744,011.03. This represents a 3.88% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded up $0.11 on Wednesday, hitting $5.13. 463,520 shares of the company were exchanged, compared to its average volume of 675,371. The firm has a market capitalization of $673.73 million, a P/E ratio of 28.53, a price-to-earnings-growth ratio of 2.61 and a beta of 0.34. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.72. The stock’s 50 day moving average price is $4.86 and its 200 day moving average price is $5.12.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. The firm had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. Sell-side analysts predict 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 will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.6%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 244.44%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Granite Ridge Resources

A number of hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at $26,000. First Horizon Corp acquired a new position in Granite Ridge Resources during the fourth quarter worth $35,000. Osaic Holdings Inc. grew its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares during the last quarter. Finally, OpenArc Corporate Advisory LLC purchased a new stake in Granite Ridge Resources in the fourth quarter valued at $52,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.