John Mccartney Acquires 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John McCartney acquired 5,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were bought at an average price of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the purchase, the director owned 154,143 shares in the company, valued at approximately $776,880.72. This represents a 3.35% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Thursday, August 13th, John McCartney bought 2,000 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.00 per share, with a total value of $10,000.00.

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $5.05 on Friday. The company has a fifty day moving average price of $4.80 and a 200-day moving average price of $5.11. The firm has a market cap of $666.10 million, a price-to-earnings ratio of -24.05 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The company had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. As a group, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 8.7%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in GRNT. BlackRock Inc. purchased a new position in Granite Ridge Resources in the second quarter valued at about $21,910,000. Bank of America Corp DE increased its stake in shares of Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources in the 1st quarter worth approximately $6,624,000. Bank of New York Mellon Corp bought a new stake in shares of Granite Ridge Resources in the 2nd quarter worth approximately $4,162,000. Finally, Zazove Associates LLC bought a new stake in shares of Granite Ridge Resources in the 4th quarter worth approximately $3,210,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on GRNT shares. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Stephens decreased their price target on 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 reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen raised Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Northland Securities assumed coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $10.00.

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.