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

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $6.23 per share, with a total value of $31,150.00. Following the completion of the purchase, the chief executive officer now owns 91,633 shares in the company, valued at $570,873.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Granite Ridge Resources Stock Down 0.2 %

NYSE:GRNT opened at $6.47 on Thursday. The firm has a market cap of $845.91 million, a P/E ratio of 14.38, a P/E/G ratio of 6.64 and a beta of 0.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The firm has a 50-day simple moving average of $6.42 and a two-hundred day simple moving average of $6.34.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The firm had revenue of $90.65 million for the quarter, compared to the consensus estimate of $96.97 million. Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. During the same quarter in the prior year, the business posted $0.19 earnings per share. Analysts predict that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be paid a $0.11 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.80%. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Institutional Trading of Granite Ridge Resources

A number of large investors have recently made changes to their positions in the stock. Georgetown University bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth approximately $15,818,000. Vanguard Group Inc. grew its stake in shares of Granite Ridge Resources by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock worth $10,943,000 after acquiring an additional 47,182 shares during the period. Silvercrest Asset Management Group LLC grew its stake in shares of Granite Ridge Resources by 32.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after acquiring an additional 406,500 shares during the period. American Century Companies Inc. grew its stake in shares of Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after acquiring an additional 357,705 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after acquiring an additional 78,636 shares during the period. 31.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on GRNT shares. Roth Capital upgraded shares of Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Roth Mkm started coverage on shares of Granite Ridge Resources in a research note on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price target for the company. Bank of America reiterated a “neutral” rating and issued a $7.00 price target on shares of Granite Ridge Resources in a research note on Friday, June 14th. Finally, Evercore ISI started coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They issued an “in-line” rating and a $8.00 price target for the company. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Granite Ridge Resources presently has an average rating of “Moderate Buy” and an average target price of $7.95.

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.