Granite Ridge Resources (NYSE:GRNT) CFO Ronald Kyle Kettler Purchases 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 5,000 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was acquired at an average price of $5.18 per share, for a total transaction of $25,900.00. Following the completion of the purchase, the chief financial officer directly owned 120,276 shares in the company, valued at approximately $623,029.68. The trade was a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Granite Ridge Resources Price Performance

Shares of GRNT traded up $0.10 during trading hours on Thursday, reaching $5.17. 199,964 shares of the company’s stock traded hands, compared to its average volume of 675,668. The stock has a market cap of $678.99 million, a PE ratio of 28.69, a price-to-earnings-growth ratio of 2.46 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. The firm’s 50 day simple moving average is $4.87 and its 200-day simple moving average is $5.12. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). The business had revenue of $105.49 million for the quarter, compared to analysts’ expectations of $120.76 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%. Equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders 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 payout ratio is currently 244.44%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently modified their holdings of GRNT. Bank of America Corp DE lifted its position 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 worth $28,828,000 after buying an additional 4,449,582 shares during the last quarter. Zazove Associates LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth approximately $3,210,000. Goldman Sachs Group Inc. raised its stake in shares of Granite Ridge Resources by 115.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock worth $3,890,000 after acquiring an additional 442,900 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Granite Ridge Resources in the 4th quarter worth approximately $1,495,000. Finally, American Century Companies Inc. lifted its holdings in shares of Granite Ridge Resources by 12.9% in the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company’s stock worth $14,397,000 after acquiring an additional 303,059 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GRNT. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently 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.