John Mccartney Purchases 3,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Key Points

• John Mccartney, a Director at Granite Ridge Resources, Inc. (NYSE:GRNT), purchased 3,000 shares at $5.34 per share, totaling $16,020, which increased his ownership in the firm by 4.54%.
• Granite Ridge Resources announced a quarterly dividend of $0.11 per share, with an ex-dividend date of August 29th, representing an annual yield of 8.1%.
• The company reported $0.11 EPS last quarter, missing estimates by $0.02, with analysts predicting future earnings of 0.52 EPS for the year.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney bought 3,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was acquired at an average cost of $5.34 per share, for a total transaction of $16,020.00. Following the completion of the purchase, the director directly owned 69,117 shares in the company, valued at approximately $369,084.78. This represents a 4.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, June 2nd, John Mccartney purchased 2,000 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.72 per share, with a total value of $11,440.00.
• On Monday, June 2nd, John Mccartney bought 2,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.72 per share, with a total value of $11,440.00.

Granite Ridge Resources Stock Up 0.7%

Granite Ridge Resources stock traded up $0.04 during mid-day trading on Wednesday, reaching $5.42. 406,094 shares of the company's stock were exchanged, compared to its average volume of 548,361. The company has a market cap of $710.72 million, a P/E ratio of 22.61, a P/E/G ratio of 0.73 and a beta of 0.34. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.00. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $5.72 and a 200-day moving average of $5.65.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. The company had revenue of $109.22 million during the quarter, compared to analysts' expectations of $109.69 million. Sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.44 annualized dividend and a dividend yield of 8.1%. Granite Ridge Resources's payout ratio is presently 183.33%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a report on Saturday, July 12th.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hamilton Lane Advisors LLC raised its position in shares of Granite Ridge Resources by 15.5% in the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after buying an additional 1,139,430 shares during the last quarter. Nuveen LLC acquired a new position in shares of Granite Ridge Resources in the first quarter valued at approximately $5,860,000. Georgetown University raised its position in shares of Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after buying an additional 697,823 shares during the last quarter. Millennium Management LLC raised its position in shares of Granite Ridge Resources by 4,637.3% in the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after buying an additional 471,474 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Granite Ridge Resources by 45.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company's stock valued at $9,432,000 after buying an additional 454,071 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.

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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