John Mccartney Buys 4,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 4,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were bought at an average cost of $5.41 per share, with a total value of $21,640.00. Following the completion of the transaction, the director owned 108,117 shares in the company, valued at $584,912.97. The trade was a 3.84% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, December 8th, John Mccartney purchased 5,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.26 per share, for a total transaction of $26,300.00.
• On Monday, December 1st, John Mccartney purchased 1,026 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.23 per share, with a total value of $5,365.98.
• On Monday, November 17th, John Mccartney acquired 4,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.18 per share, for a total transaction of $20,720.00.
• On Thursday, November 13th, John Mccartney bought 4,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.17 per share, for a total transaction of $20,680.00.
• On Tuesday, November 11th, John Mccartney bought 4,000 shares of Granite Ridge Resources stock. The shares were purchased at an average cost of $5.26 per share, with a total value of $21,040.00.

Granite Ridge Resources Stock Up 3.2%

Granite Ridge Resources stock opened at $5.32 on Wednesday. The firm has a market cap of $697.59 million, a price-to-earnings ratio of 18.98, a PEG ratio of 2.05 and a beta of 0.34. Granite Ridge Resources, Inc. has a 52-week low of $4.52 and a 52-week high of $7.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a 50 day moving average price of $5.26 and a two-hundred day moving average price of $5.50.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Monday, September 11th. The company reported $0.61 EPS for the quarter. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The company had revenue of $150.27 million for the quarter. Equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.3%. The ex-dividend date is Friday, November 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 157.14%.

Institutional Trading of Granite Ridge Resources

Large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new stake in Granite Ridge Resources in the 3rd quarter valued at about $26,000. Osaic Holdings Inc. increased its holdings in shares of Granite Ridge Resources by 264.2% during the second 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 in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Granite Ridge Resources by 2,398.3% during 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 in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares during the period. Finally, Ieq Capital LLC bought a new position in shares of Granite Ridge Resources in the 1st quarter worth $62,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Zacks Research downgraded Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Granite Ridge Resources in a report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.00.

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.