Granite Ridge Resources (NYSE:GRNT) CFO Buys $30,300.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kettler purchased 6,000 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was acquired at an average price of $5.05 per share, for a total transaction of $30,300.00. Following the completion of the purchase, the chief financial officer directly owned 135,276 shares of the company’s stock, valued at $683,143.80. This represents a 4.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Granite Ridge Resources Price Performance

NYSE:GRNT opened at $5.09 on Friday. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50-day simple moving average is $4.86 and its 200 day simple moving average is $5.11. The firm has a market cap of $672.03 million, a price-to-earnings ratio of -24.26 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) 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 firm had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. Granite Ridge Resources’s dividend payout ratio is currently -209.52%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GRNT. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, Northland Securities started coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Granite Ridge Resources has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Granite Ridge Resources in the 2nd quarter valued at $21,910,000. Bank of America Corp DE lifted its position 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 buying an additional 4,449,582 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources during the 1st quarter worth $6,624,000. Bank of New York Mellon Corp acquired a new stake in Granite Ridge Resources in the second quarter valued at about $4,162,000. Finally, Zazove Associates LLC acquired a new stake in Granite Ridge Resources in the fourth quarter valued at about $3,210,000. 31.56% of the stock is currently owned by institutional investors.

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.