John Mccartney Buys 2,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney bought 2,000 shares of Granite Ridge Resources stock in a transaction on Monday, June 2nd. The shares were acquired at an average price of $5.72 per share, for a total transaction of $11,440.00. Following the completion of the acquisition, the director now owns 64,117 shares in the company, valued at $366,749.24. This represents a 3.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 acquired at an average price of $5.72 per share, for a total transaction of $11,440.00.

Granite Ridge Resources Stock Up 1.0%

Shares of GRNT traded up $0.06 during midday trading on Thursday, reaching $5.81. The stock had a trading volume of 544,039 shares, compared to its average volume of 478,720. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.10. The company's fifty day simple moving average is $5.27 and its two-hundred day simple moving average is $5.90. The company has a market cap of $761.37 million, a price-to-earnings ratio of 16.13, a PEG ratio of 1.29 and a beta of 0.31. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

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

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 annualized dividend and a yield of 7.58%. Granite Ridge Resources's dividend payout ratio is currently 488.89%.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Grey Rock Energy Management LLC acquired a new stake in Granite Ridge Resources during the 4th quarter worth $357,018,000. Hamilton Lane Advisors LLC raised its stake in Granite Ridge Resources by 15.5% during the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after acquiring an additional 1,139,430 shares in the last quarter. Spider Management Company LLC raised its stake in Granite Ridge Resources by 21.4% during the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after acquiring an additional 872,282 shares in the last quarter. Vanguard Group Inc. raised its stake in Granite Ridge Resources by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after acquiring an additional 418,059 shares in the last quarter. Finally, Georgetown University raised its stake in Granite Ridge Resources by 26.6% during the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after acquiring an additional 697,823 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GRNT has been the topic of a number of research reports. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Wall Street Zen upgraded shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of "Hold" and a consensus 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.