Insider Buying: Granite Ridge Resources (NYSE:GRNT) CFO Acquires 6,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler purchased 6,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were bought at an average price of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the transaction, the chief financial officer directly owned 129,276 shares in the company, valued at $656,722.08. This represents a 4.87% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ronald Kyle Kettler also recently made the following trade(s):

• On Friday, March 13th, Ronald Kyle Kettler purchased 3,000 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.17 per share, for a total transaction of $15,510.00.
• On Tuesday, March 10th, Ronald Kyle Kettler purchased 5,000 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.18 per share, for a total transaction of $25,900.00.

Granite Ridge Resources Price Performance

Shares of GRNT stock traded down $0.14 during midday trading on Friday, reaching $4.81. 774,285 shares of the company were exchanged, compared to its average volume of 858,923. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a market cap of $633.78 million, a P/E ratio of -19.26 and a beta of 0.26. The company’s 50 day moving average price is $5.53 and its two-hundred day moving average price is $5.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The company had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. On average, sell-side analysts expect 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 given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 9.2%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is -176.00%.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently bought and sold shares of the stock. First Horizon Corp bought a new stake in Granite Ridge Resources in the 4th quarter valued at $35,000. Osaic Holdings Inc. raised its stake in shares of 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 buying 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 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after buying an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC acquired a new position in shares of Granite Ridge Resources in the 4th quarter valued at $52,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after buying an additional 4,635 shares in the last quarter. 31.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stephens decreased 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 research report on Friday, May 8th. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Finally, Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Monday. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Granite Ridge Resources has an average rating of “Reduce” and a consensus target price of $11.00.

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.