Insider Buying: Granite Ridge Resources (NYSE:GRNT) Director Buys $50,300.00 in Stock

Key Points

• Director Matthew Miller purchased 10,000 shares of Granite Ridge Resources at $5.03 each, investing $50,300 and increasing his ownership to approximately 1.97 million shares.
• GRNT shares rose 0.9% to $5.16, while the company’s latest quarterly results exceeded expectations with earnings of $0.09 per share and revenue of $149.27 million.
• Granite Ridge declared a quarterly dividend of $0.11, equivalent to an annualized yield of about 8.5%. Analysts collectively rate the stock “Moderate Buy,” with an average price target of $10.00.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Matthew Miller purchased 10,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 11th. The shares were bought at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the acquisition, the director owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. This trade represents a 0.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Granite Ridge Resources Trading Up 0.9%

Granite Ridge Resources stock traded up $0.04 during midday trading on Monday, hitting $5.16. 1,531,121 shares of the stock were exchanged, compared to its average volume of 936,431. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock's 50-day simple moving average is $4.88 and its 200 day simple moving average is $5.11. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The stock has a market capitalization of $679.94 million, a price-to-earnings ratio of -24.55 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share 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 anticipate that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources's dividend payout ratio is -209.52%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on GRNT shares. Northland Securities initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 target price for the company. Weiss Ratings reiterated a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Wall Street Zen raised Granite Ridge Resources from a "sell" rating to a "buy" rating in a research report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, 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. One research 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $10.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at $21,910,000. Bank of America Corp DE grew its stake in shares of Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock worth $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Granite Ridge Resources by 6.7% during the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company's stock worth $24,197,000 after purchasing an additional 282,132 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock valued at $19,414,000 after buying an additional 448,066 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Granite Ridge Resources by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company's stock valued at $6,944,000 after buying an additional 95,810 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

About Granite Ridge Resources

Granite Ridge Resources, Inc NYSE: GRNT is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company's portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.

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