Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Purchases $31,150.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 5,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the completion of the purchase, the chief executive officer now directly owns 91,633 shares of the company’s stock, valued at $570,873.59. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT traded up $0.12 during midday trading on Tuesday, reaching $6.41. 212,508 shares of the company traded hands, compared to its average volume of 438,380. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55. The stock has a 50-day moving average price of $6.41 and a 200 day moving average price of $6.33. Granite Ridge Resources, Inc. has a 52 week low of $5.20 and a 52 week high of $8.14. The company has a market cap of $838.07 million, a price-to-earnings ratio of 13.98, a PEG ratio of 6.64 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results 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). Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. The company had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. During the same period in the prior year, the business posted $0.19 EPS. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 6.86%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GRNT. 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. Evercore ISI assumed coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They set an “in-line” rating and a $8.00 price target on the stock. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Finally, Roth Mkm assumed 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 objective on the stock. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.95.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently bought and sold shares of GRNT. Nisa Investment Advisors LLC grew its stake in Granite Ridge Resources by 24,400.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after acquiring an additional 4,880 shares in the last quarter. DGS Capital Management LLC bought a new stake in shares of Granite Ridge Resources in the 4th quarter valued at approximately $100,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Granite Ridge Resources in the 4th quarter valued at approximately $79,000. J.W. Cole Advisors Inc. bought a new stake in shares of Granite Ridge Resources in the 4th quarter valued at approximately $110,000. Finally, Swiss National Bank grew its stake in shares of Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after buying an additional 6,900 shares in 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 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.