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

Key Points

• Director John Mccartney purchased 5,000 Granite Ridge Resources shares at an average price of $5.04, investing $25,200 and increasing his direct stake by 3.35% to 154,143 shares. He also bought 2,000 shares in August.
• GRNT shares recently traded at $5.17, while the company reported quarterly EPS of $0.09 and revenue of $149.27 million, exceeding analyst expectations. Granite Ridge also declared a quarterly dividend of $0.11 per share, representing an annualized yield of about 8.5%.
• Analyst sentiment is mixed but leans positive, with the stock carrying a consensus “Moderate Buy” rating and a $10 average price target; institutional investors own 31.56% of the company.

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 Tuesday, September 1st. The shares were acquired at an average cost of $5.04 per share, with a total value of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares in the company, valued at $776,880.72. The trade was a 3.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Thursday, August 13th, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.00 per share, for a total transaction of $10,000.00.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded up $0.10 during midday trading on Wednesday, reaching $5.17. The company's stock had a trading volume of 1,027,641 shares, compared to its average volume of 892,122. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock has a fifty day moving average of $4.77 and a 200 day moving average of $5.11. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.14. The firm has a market capitalization of $681.26 million, a PE ratio of -24.60 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, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. On average, equities analysts expect that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.5%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources's dividend payout ratio (DPR) is currently -209.52%.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. Sherbrooke Park Advisers LLC raised its position in Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company's stock worth $111,000 after acquiring an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock worth $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock worth $152,000 after purchasing an additional 2,798 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock valued at $62,000 after buying an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Granite Ridge Resources by 15.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock worth $140,000 after buying an additional 3,550 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRNT. Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Weiss Ratings reissued a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen raised shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 price objective for the company. Finally, Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research note on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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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