Luke C. Brandenberg Acquires 5,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 5,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $6.50 per share, with a total value of $32,500.00. Following the purchase, the chief executive officer now owns 96,633 shares in the company, valued at $628,114.50. This represents a 5.46 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Granite Ridge Resources Stock Down 1.8 %

Shares of Granite Ridge Resources stock opened at $6.49 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10. The stock has a market cap of $848.53 million, a PE ratio of 18.03, a price-to-earnings-growth ratio of 1.68 and a beta of 0.19. The business has a fifty day simple moving average of $6.17 and a 200 day simple moving average of $6.33.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 6.78%. Granite Ridge Resources’s payout ratio is 122.22%.

Analyst Upgrades and Downgrades

Separately, Evercore ISI dropped their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after acquiring an additional 2,709 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Granite Ridge Resources by 17.2% during the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after acquiring an additional 3,980 shares during the period. O Shaughnessy Asset Management LLC lifted its position in Granite Ridge Resources by 14.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after purchasing an additional 7,304 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after acquiring an additional 7,965 shares in the last quarter. Finally, Sfmg LLC boosted its holdings in shares of Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after purchasing an additional 9,960 shares in the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Company Profile

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.