Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney Purchases 5,000 Shares

Key Points

• Director John Mccartney of Granite Ridge Resources, Inc. purchased 5,000 shares at an average price of $5.30, increasing his ownership by 6.93% to a total of 77,117 shares.
• The company announced a quarterly dividend of $0.11 per share, payable on September 15th, reflecting an annualized yield of 8.3%.
• Granite Ridge Resources reported $0.11 earnings per share for the last quarter, missing estimates, and has a market capitalization of approximately $693.66 million.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney purchased 5,000 shares of the stock in a transaction on Friday, August 15th. The shares were purchased at an average cost of $5.30 per share, for a total transaction of $26,500.00. Following the acquisition, the director directly owned 77,117 shares of the company's stock, valued at approximately $408,720.10. This represents a 6.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, August 12th, John Mccartney acquired 3,000 shares of Granite Ridge Resources stock. The shares were bought at an average cost of $5.34 per share, with a total value of $16,020.00.
• On Monday, June 2nd, John Mccartney acquired 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.
• On Monday, June 2nd, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $5.72 per share, for a total transaction of $11,440.00.

Granite Ridge Resources Trading Up 0.5%

NYSE GRNT traded up $0.03 on Monday, hitting $5.29. 245,222 shares of the stock were exchanged, compared to its average volume of 547,811. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a fifty day moving average price of $5.69 and a two-hundred day moving average price of $5.63. The firm has a market capitalization of $693.66 million, a P/E ratio of 22.02, a P/E/G ratio of 0.73 and a beta of 0.34. Granite Ridge Resources, Inc. has a 52-week low of $4.52 and a 52-week high of $7.00.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. The company had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.11 dividend. The ex-dividend date is Friday, August 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 183.33%.

Hedge Funds Weigh In On Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings 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 purchasing an additional 4,635 shares in the last quarter. Engineers Gate Manager LP increased its holdings in shares of Granite Ridge Resources by 53.7% during the second quarter. Engineers Gate Manager LP now owns 77,068 shares of the company's stock valued at $491,000 after acquiring an additional 26,915 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Granite Ridge Resources by 610.3% during the second quarter. BNP Paribas Financial Markets now owns 168,897 shares of the company's stock valued at $1,076,000 after acquiring an additional 145,119 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock valued at $28,828,000 after acquiring an additional 4,449,582 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Granite Ridge Resources by 261.7% during the second quarter. Ameriprise Financial Inc. now owns 180,278 shares of the company's stock valued at $1,148,000 after acquiring an additional 130,431 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th.

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.

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