John Mccartney Purchases 2,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney acquired 2,000 shares of the stock in a transaction on Wednesday, March 11th. The stock was bought at an average cost of $5.12 per share, with a total value of $10,240.00. Following the completion of the transaction, the director owned 131,143 shares in the company, valued at $671,452.16. This trade represents a 1.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Granite Ridge Resources Trading Up 0.9%

Shares of NYSE GRNT opened at $5.17 on Friday. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The firm has a market cap of $678.99 million, a PE ratio of 28.69, a price-to-earnings-growth ratio of 3.22 and a beta of 0.34. The business has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $5.12. The company has a quick ratio of 1.41, a current ratio of 1.25 and a debt-to-equity ratio of 0.61.

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

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. The ex-dividend date of this dividend was Friday, February 27th. Granite Ridge Resources’s payout ratio is presently 244.44%.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources during the third quarter worth $26,000. Osaic Holdings Inc. lifted its holdings in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position 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 worth $36,000 after purchasing an additional 5,492 shares in the last quarter. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources in the 4th quarter worth $35,000. Finally, Tower Research Capital LLC TRC grew its stake in Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after buying an additional 4,635 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on GRNT. Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Granite Ridge Resources presently has an average rating of “Hold”.

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.