Matthew Reade Miller Buys 10,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 10,000 shares of Granite Ridge Resources stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average cost of $5.10 per share, with a total value of $51,000.00. Following the completion of the acquisition, the director directly owned 1,328,181 shares in the company, valued at $6,773,723.10. This trade represents a 0.76% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Monday, December 15th, Matthew Reade Miller bought 648 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.13 per share, for a total transaction of $3,324.24.

Granite Ridge Resources Price Performance

NYSE:GRNT traded up $0.11 during mid-day trading on Wednesday, hitting $5.13. The company’s stock had a trading volume of 463,520 shares, compared to its average volume of 675,371. The company has a market capitalization of $673.73 million, a price-to-earnings ratio of 28.53, a P/E/G 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 fifty-two week low of $4.18 and a fifty-two week high of $6.72. The stock has a fifty day moving average of $4.86 and a 200-day moving average of $5.12.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $105.49 million for the quarter, compared to analyst estimates of $120.76 million. As a group, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

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 given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio is 244.44%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a 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 analysts have rated the stock with a Hold rating, According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Hold”.

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in GRNT. State of Alaska Department of Revenue bought a new position in shares of Granite Ridge Resources in the third quarter valued at about $26,000. Osaic Holdings Inc. increased its position in Granite Ridge Resources by 264.2% in 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 in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 worth $36,000 after acquiring an additional 5,492 shares during the last quarter. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth approximately $35,000. Finally, Tower Research Capital LLC TRC grew its stake 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 valued at $58,000 after purchasing an additional 4,635 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.