Granite Ridge Resources, Inc. (NYSE:GRNT) Director Acquires $101,660.00 in Stock

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

Granite Ridge Resources Stock Up 1.8%

NYSE GRNT traded up $0.11 during trading hours on Monday, reaching $6.09. 218,608 shares of the company traded hands, compared to its average volume of 458,528. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.10. The company has a 50 day moving average of $5.32 and a two-hundred day moving average of $5.85. The stock has a market capitalization of $797.96 million, a PE ratio of 16.90, a PEG ratio of 1.29 and a beta of 0.31.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $122.93 million during the quarter, compared to analyst estimates of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.23%. Granite Ridge Resources's payout ratio is currently 488.89%.

Wall Street Analysts Forecast Growth

GRNT has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Stephens restated an "overweight" rating and set a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Finally, Capital One Financial cut Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Granite Ridge Resources by 892.9% during the first 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 last quarter. Parallel Advisors LLC boosted its position in Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after purchasing an additional 6,017 shares during the period. Quantbot Technologies LP lifted its stake in 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 last quarter. BNP Paribas Financial Markets acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at $62,000. Finally, Ieq Capital LLC bought a new position in shares of Granite Ridge Resources during the first quarter worth about $62,000. 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.

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