Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Purchases $35,380.00 in Stock

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

Granite Ridge Resources Stock Up 1.0%

NYSE:GRNT traded up $0.06 during trading hours on Thursday, reaching $5.81. 544,039 shares of the stock were exchanged, compared to its average volume of 478,369. 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 twelve month low of $4.52 and a twelve month high of $7.10. The stock has a market cap of $761.37 million, a PE ratio of 16.13, a PEG ratio of 1.29 and a beta of 0.31. The firm has a 50 day moving average of $5.27 and a 200 day moving average of $5.90.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results 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 during the quarter, compared to the consensus estimate of $115.30 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 business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given 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 (DPR) is presently 488.89%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GRNT. Wall Street Zen raised 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 issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. Finally, Capital One Financial cut 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 given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.33.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Granite Ridge Resources by 892.9% in 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 stake 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 acquiring an additional 6,017 shares in the last quarter. Quantbot Technologies LP increased its position in Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after acquiring an additional 7,960 shares during the period. BNP Paribas Financial Markets acquired a new stake in Granite Ridge Resources in the 4th quarter worth about $62,000. Finally, Ieq Capital LLC bought a new stake in Granite Ridge Resources in the 1st quarter valued at about $62,000. 31.56% of the stock is owned by institutional investors.

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.