Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Purchases $94,717.80 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 18,180 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.21 per share, with a total value of $94,717.80. Following the completion of the purchase, the director owned 1,350,213 shares in the company, valued at approximately $7,034,609.73. This trade represents a 1.36% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, March 13th, Matthew Reade Miller acquired 658 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.15 per share, with a total value of $3,388.70.
• On Tuesday, March 10th, Matthew Reade Miller acquired 10,000 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.10 per share, with a total value of $51,000.00.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT opened at $5.51 on Friday. The company has a current ratio of 0.93, a quick ratio of 1.25 and a debt-to-equity ratio of 0.73. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a 50 day simple moving average of $5.49 and a two-hundred day simple moving average of $5.15. The stock has a market cap of $726.09 million, a price-to-earnings ratio of -22.02, a PEG ratio of 0.63 and a beta of 0.26.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The business had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. As a group, analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.0%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s payout ratio is -176.00%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Stephens cut their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Weiss Ratings raised shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Institutional Investors Weigh In On Granite Ridge Resources

A number of large investors have recently modified their holdings of GRNT. State of Alaska Department of Revenue purchased a new stake in shares of Granite Ridge Resources during the third quarter worth $26,000. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $35,000. Osaic Holdings Inc. boosted its position in shares of Granite Ridge Resources by 264.2% during 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 last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Granite Ridge Resources by 2,398.3% during the 2nd 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 acquired a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $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.