Matthew Reade Miller Acquires 10,600 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller bought 10,600 shares of Granite Ridge Resources stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, May 13th, Matthew Reade Miller purchased 18,180 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.21 per share, for a total transaction of $94,717.80.
• On Friday, March 13th, Matthew Reade Miller purchased 658 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.15 per share, for a total transaction of $3,388.70.

Granite Ridge Resources Trading Up 3.8%

GRNT stock opened at $5.01 on Thursday. The company has a market capitalization of $660.16 million, a PE ratio of -20.02 and a beta of 0.19. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The firm’s 50-day moving average is $5.41 and its 200 day moving average is $5.14. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $128.26 million during the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. On average, research analysts anticipate that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.8%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -176.00%.

Analysts Set New Price Targets

GRNT has been the topic of several recent analyst reports. Stephens reduced 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 note on Friday, May 8th. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Finally, Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, May 25th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $11.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sherbrooke Park Advisers LLC increased its position 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 valued at $111,000 after purchasing an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV increased its position 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 valued at $132,000 after purchasing an additional 2,596 shares during the period. The Manufacturers Life Insurance Company increased its position in Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares during the period. Wilmington Savings Fund Society FSB increased its position in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares during the period. Finally, Intech Investment Management LLC increased its position in Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after purchasing an additional 3,550 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.