Granite Ridge Resources (NYSE:GRNT) CFO Ronald Kyle Kettler Buys 6,000 Shares

Key Points

• Insider buying: CFO Ronald Kettler purchased 6,000 Granite Ridge Resources shares for $30,300, increasing his ownership by 4.64% to 135,276 shares.
• Financial and market update: GRNT shares rose 0.3% to $5.09, while the company beat quarterly earnings and revenue estimates with $0.09 EPS and $149.27 million in revenue.
• Dividend and outlook: Granite Ridge declared a quarterly dividend of $0.11 per share, equivalent to an 8.6% annualized yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $10.00.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CFO Ronald Kettler acquired 6,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 4th. The shares were bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the transaction, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. This trade represents a 4.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Granite Ridge Resources Stock Up 0.3%

Shares of Granite Ridge Resources stock traded up $0.01 during trading on Tuesday, reaching $5.09. 849,046 shares of the company traded hands, compared to its average volume of 916,596. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14. The company has a 50 day moving average price of $4.82 and a 200-day moving average price of $5.11. The firm has a market capitalization of $672.03 million, a PE ratio of -24.26 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The business had revenue of $149.27 million during the quarter, compared to analysts' expectations of $139.44 million. As a group, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources's dividend payout ratio is -209.52%.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently bought and sold shares of the company. Great Lakes Advisors LLC bought a new position in shares of Granite Ridge Resources in the first quarter valued at approximately $113,000. Jane Street Group LLC purchased a new position in Granite Ridge Resources during the 1st quarter valued at about $131,000. Creative Planning purchased a new stake in shares of Granite Ridge Resources in the second quarter worth about $225,000. JPMorgan Chase & Co. boosted its position in shares of Granite Ridge Resources by 1,115.3% in the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company's stock valued at $1,989,000 after acquiring an additional 286,556 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Granite Ridge Resources by 2,610.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company's stock worth $92,000 after acquiring an additional 13,864 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GRNT has been the subject of several recent research reports. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Freedom Capital upgraded shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a report on Sunday, August 16th. Northland Securities started coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 price objective on the stock. Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Finally, Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $10.00.

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.

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