Tyler Farquharson Buys 10,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson bought 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the purchase, the chief executive officer owned 344,743 shares in the company, valued at approximately $1,775,426.45. The trade was a 2.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Tyler Farquharson also recently made the following trade(s):

• On Tuesday, March 10th, Tyler Farquharson bought 12,500 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.21 per share, for a total transaction of $65,125.00.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $5.31 on Friday. The business’s fifty day simple moving average is $5.49 and its two-hundred day simple moving average is $5.14. The company has a current ratio of 0.93, a quick ratio of 1.25 and a debt-to-equity ratio of 0.73. 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 $699.73 million, a price-to-earnings ratio of -21.22, a P/E/G ratio of 0.61 and a beta of 0.26.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. Research analysts anticipate that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a yield of 8.3%. Granite Ridge Resources’s payout ratio is currently -176.00%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GRNT shares. 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. 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 note on Friday, May 8th. Finally, Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources presently has an average rating of “Hold” and a consensus target price of $11.00.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue purchased a new stake in Granite Ridge Resources in the third quarter worth about $26,000. Osaic Holdings Inc. increased its position in Granite Ridge Resources by 264.2% in the second 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 increased its position in Granite Ridge Resources by 2,398.3% in the second 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 purchased a new stake in Granite Ridge Resources in the fourth quarter worth about $35,000. Finally, Tower Research Capital LLC TRC increased its position in Granite Ridge Resources by 103.0% in the second 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. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.