Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Purchases 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney bought 5,000 shares of Granite Ridge Resources stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $5.16 per share, for a total transaction of $25,800.00. Following the purchase, the director owned 136,143 shares of the company’s stock, valued at approximately $702,497.88. This trade represents a 3.81% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, March 11th, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The shares were purchased at an average cost of $5.12 per share, with a total value of $10,240.00.

Granite Ridge Resources Trading Up 3.2%

NYSE:GRNT traded up $0.17 during mid-day trading on Monday, hitting $5.35. 612,115 shares of the stock traded hands, compared to its average volume of 697,040. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.72. The stock has a market capitalization of $702.65 million, a price-to-earnings ratio of 29.69, a PEG ratio of 3.26 and a beta of 0.34. The firm’s 50 day moving average is $4.89 and its two-hundred day moving average is $5.11.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, March 5th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The firm had revenue of $105.49 million during the quarter, compared to the consensus estimate of $120.76 million. On average, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.2%. The ex-dividend date of this dividend was Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 244.44%.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently modified their holdings of GRNT. State of Alaska Department of Revenue purchased a new stake in shares of Granite Ridge Resources in the third quarter valued at approximately $26,000. First Horizon Corp purchased a new position in Granite Ridge Resources during the 4th quarter worth $35,000. Osaic Holdings Inc. increased its holdings in Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its position in 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 purchasing an additional 5,492 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC bought a new stake in Granite Ridge Resources during the 4th quarter valued at $52,000. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Granite Ridge Resources currently has an average 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.