Matthew Reade Miller Buys 17,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Matthew Reade Miller acquired 17,000 shares of the firm's stock in a transaction on Monday, June 16th. The shares were acquired at an average price of $5.98 per share, with a total value of $101,660.00. Following the completion of the transaction, the director now directly owns 1,261,877 shares in the company, valued at approximately $7,546,024.46. This trade represents a 1.37% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, June 13th, Matthew Reade Miller purchased 544 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.98 per share, for a total transaction of $3,253.12.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock traded down $0.04 during trading on Thursday, reaching $6.01. The company's stock had a trading volume of 601,912 shares, compared to its average volume of 482,717. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $787.44 million, a price-to-earnings ratio of 66.73 and a beta of 0.31. The business's fifty day moving average price is $5.38 and its 200-day moving average price is $5.85.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The firm had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. Granite Ridge Resources had a return on equity of 13.46% and a net margin of 2.98%. As a group, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.11 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.33%. Granite Ridge Resources's payout ratio is 488.89%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in Granite Ridge Resources by 892.9% in the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after purchasing an additional 6,375 shares during the period. Parallel Advisors LLC lifted its stake in shares of Granite Ridge Resources by 222.4% in the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after buying an additional 6,017 shares during the period. Quantbot Technologies LP lifted its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after buying an additional 7,960 shares during the period. BNP Paribas Financial Markets acquired a new stake in Granite Ridge Resources during the fourth quarter worth about $62,000. Finally, Ieq Capital LLC bought a new position in Granite Ridge Resources during the first quarter valued at about $62,000. Institutional investors own 31.56% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Stephens reissued an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Finally, Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd.

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.