Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) Director Buys 2,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney acquired 2,000 shares of Granite Ridge Resources stock in a transaction dated Monday, June 2nd. The shares were acquired at an average price of $5.72 per share, with a total value of $11,440.00. Following the completion of the acquisition, the director now directly owns 64,117 shares of the company's stock, valued at approximately $366,749.24. The trade was a 3.22% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

John Mccartney also recently made the following trade(s):

• On Monday, June 2nd, John Mccartney bought 2,000 shares of Granite Ridge Resources stock. The shares were bought at an average cost of $5.72 per share, with a total value of $11,440.00.

Granite Ridge Resources Trading Up 0.3%

Shares of GRNT traded up $0.02 during trading hours on Friday, reaching $5.84. 455,523 shares of the company traded hands, compared to its average volume of 478,259. The firm has a market cap of $765.17 million, a price-to-earnings ratio of 16.21, a PEG ratio of 1.29 and a beta of 0.31. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock's fifty day moving average price is $5.25 and its 200 day moving average price is $5.88.

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

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.54%. Granite Ridge Resources's dividend payout ratio (DPR) is presently 488.89%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in 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 buying an additional 6,375 shares during the period. Parallel Advisors LLC grew its position 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 purchasing an additional 6,017 shares in the last quarter. Quantbot Technologies LP grew its holdings in Granite Ridge Resources by 691.0% in the 4th 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 in the last quarter. BNP Paribas Financial Markets acquired a new stake in Granite Ridge Resources during the fourth quarter worth about $62,000. Finally, Ieq Capital LLC purchased a new position in Granite Ridge Resources during the first quarter worth about $62,000. Hedge funds and other institutional investors own 31.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on GRNT. Wall Street Zen raised shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Finally, Stephens restated an "overweight" rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $7.33.

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.