John Mccartney Buys 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

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 Granite Ridge Resources stock in a transaction on Friday, August 15th. The stock was bought at an average price of $5.30 per share, with a total value of $26,500.00. Following the completion of the acquisition, the director directly owned 77,117 shares of the company's stock, valued at approximately $408,720.10. This trade represents a 6.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, August 18th, John Mccartney purchased 5,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.25 per share, with a total value of $26,250.00.
• On Tuesday, August 12th, John Mccartney purchased 3,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.34 per share, with a total value of $16,020.00.
• On Monday, June 2nd, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The stock was bought at an average price 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 bought at an average price of $5.72 per share, with a total value of $11,440.00.

Granite Ridge Resources Stock Up 5.2%

NYSE:GRNT traded up $0.2850 during trading hours on Friday, reaching $5.7350. The company had a trading volume of 748,949 shares, compared to its average volume of 609,014. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $752.72 million, a price-to-earnings ratio of 23.90, a P/E/G ratio of 0.76 and a beta of 0.34. The business's 50-day simple moving average is $5.64 and its two-hundred day simple moving average is $5.61. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.00.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%.The company had revenue of $109.22 million during the quarter, compared to analyst estimates of $109.69 million. On average, 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 disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Friday, August 29th. Granite Ridge Resources's dividend payout ratio (DPR) is 183.33%.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently added to or reduced their stakes in GRNT. Bank of America Corp DE increased its holdings in 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 worth $28,828,000 after buying an additional 4,449,582 shares during the last quarter. Hamilton Lane Advisors LLC increased its holdings in Granite Ridge Resources by 15.5% during the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after buying an additional 1,139,430 shares during the last quarter. Nuveen LLC purchased a new stake in Granite Ridge Resources during the first quarter worth about $5,860,000. Georgetown University increased its holdings in Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after buying an additional 697,823 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Granite Ridge Resources by 4,637.3% during the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company's stock worth $3,111,000 after buying an additional 471,474 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $7.50.

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.