Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Acquires 18,180 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 18,180 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.21 per share, for a total transaction of $94,717.80. Following the purchase, the director directly owned 1,350,213 shares of the company’s stock, valued at approximately $7,034,609.73. This represents a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, March 13th, Matthew Reade Miller purchased 658 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.15 per share, for a total transaction of $3,388.70.
• On Tuesday, March 10th, Matthew Reade Miller bought 10,000 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.10 per share, for a total transaction of $51,000.00.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT traded down $0.09 on Wednesday, hitting $5.16. The stock had a trading volume of 955,629 shares, compared to its average volume of 842,762. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.25 and a current ratio of 0.93. The firm’s 50 day moving average price is $5.49 and its 200-day moving average price is $5.15. The company has a market capitalization of $679.92 million, a price-to-earnings ratio of -20.62, a price-to-earnings-growth ratio of 0.48 and a beta of 0.26.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $128.26 million during the quarter, compared to analyst estimates of $126.68 million. On average, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.69 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 paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s payout ratio is currently -176.00%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GRNT. Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Stephens reduced their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue acquired a new position in Granite Ridge Resources during the 3rd quarter worth about $26,000. Osaic Holdings Inc. lifted its position 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 buying an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC lifted 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 worth $36,000 after buying an additional 5,492 shares in the last quarter. First Horizon Corp acquired a new position in Granite Ridge Resources during the 4th quarter worth about $35,000. Finally, Tower Research Capital LLC TRC lifted its position 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 in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.