Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Acquires 5,000 Shares of Stock

Key Points

• Granite Ridge Resources Director John Mccartney notably purchased 5,000 shares of the stock at an average price of $5.25 per share, increasing his ownership by 6.48% to a total of 82,117 shares.
• The company recently declared a quarterly dividend of $0.11 per share, representing an annualized yield of 8.3%, with a payout ratio currently at 183.33%.
• Granite Ridge Resources shares are rated as a hold by analysts following a downgrade, with a consensus target price of $7.50 despite a recent EPS miss.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney bought 5,000 shares of the stock in a transaction on Monday, August 18th. The stock was purchased at an average price of $5.25 per share, with a total value of $26,250.00. Following the completion of the purchase, the director owned 82,117 shares of the company's stock, valued at $431,114.25. This represents a 6.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, August 15th, John Mccartney bought 5,000 shares of Granite Ridge Resources stock. The stock was purchased at an average price of $5.30 per share, with a total value of $26,500.00.
• On Tuesday, August 12th, John Mccartney bought 3,000 shares of Granite Ridge Resources stock. The stock was purchased at an average price 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 price of $5.72 per share, with a total value of $11,440.00.
• On Monday, June 2nd, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.72 per share, with a total value of $11,440.00.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded up $0.1250 on Wednesday, hitting $5.3150. 105,754 shares of the company were exchanged, compared to its average volume of 548,372. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.00. The stock's 50 day moving average price is $5.67 and its 200 day moving average price is $5.62. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $697.59 million, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 0.74 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $109.69 million. Sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.3%. The ex-dividend date is Friday, August 29th. Granite Ridge Resources's payout ratio is presently 183.33%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded 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 given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $7.50.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently modified their holdings of GRNT. EverSource Wealth Advisors LLC boosted its position in Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock worth $36,000 after acquiring an additional 5,492 shares during the last quarter. GAMMA Investing LLC boosted its position in Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock worth $43,000 after acquiring an additional 6,375 shares during the last quarter. Parallel Advisors LLC boosted its position in Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock worth $53,000 after acquiring an additional 6,017 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock worth $58,000 after acquiring an additional 4,635 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources during the fourth quarter worth about $62,000. Hedge funds and other institutional investors own 31.56% of the company's stock.

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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