Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg Buys 6,100 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CEO Luke C. Brandenberg acquired 6,100 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was acquired at an average cost of $5.80 per share, for a total transaction of $35,380.00. Following the transaction, the chief executive officer now owns 157,267 shares of the company's stock, valued at approximately $912,148.60. The trade was a 4.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Granite Ridge Resources Stock Performance

NYSE:GRNT traded up $0.02 on Friday, reaching $5.84. 455,523 shares of the company's stock were exchanged, compared to its average volume of 478,259. The stock has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $5.88. 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, Inc. has a 52 week low of $4.52 and a 52 week high of $7.10. The firm has a market cap of $765.17 million, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.29 and a beta of 0.31.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The business had revenue of $122.93 million for the quarter, compared to analysts' expectations 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, sell-side analysts predict 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 Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.11 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.54%. Granite Ridge Resources's dividend payout ratio (DPR) is presently 488.89%.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership purchased a new position in Granite Ridge Resources in the fourth quarter worth $870,000. Deutsche Bank AG lifted its stake in Granite Ridge Resources by 37.5% during the fourth quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock worth $215,000 after purchasing an additional 9,055 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Granite Ridge Resources by 304.2% in the 4th quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after purchasing an additional 73,531 shares in the last quarter. Grey Rock Energy Management LLC purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth about $357,018,000. Finally, Spider Management Company LLC boosted its stake in Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after buying an additional 872,282 shares in the last quarter. Institutional investors own 31.56% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GRNT. Wall Street Zen upgraded 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 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Finally, Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Granite Ridge Resources presently has a consensus rating of "Hold" and an average price target of $7.33.

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.