Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller Acquires 8,500 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 8,500 shares of Granite Ridge Resources stock in a transaction dated Wednesday, September 11th. The shares were bought at an average price of $5.97 per share, with a total value of $50,745.00. Following the completion of the acquisition, the director now directly owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, August 16th, Matthew Reade Miller acquired 4,938 shares of Granite Ridge Resources stock. The stock was acquired at an average price of $6.50 per share, with a total value of $32,097.00.

Granite Ridge Resources Price Performance

NYSE GRNT opened at $6.13 on Friday. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10. The stock has a 50-day moving average of $6.46 and a 200 day moving average of $6.41. The company has a market capitalization of $801.46 million, a price-to-earnings ratio of 13.62, a PEG ratio of 1.44 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. During the same period in the previous year, the business posted $0.19 earnings per share. On average, sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.59 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a $0.11 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 7.18%. Granite Ridge Resources’s payout ratio is 97.78%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC boosted its position in Granite Ridge Resources by 4,228.0% in the second quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares during the last quarter. nVerses Capital LLC purchased a new position in Granite Ridge Resources in the second quarter worth about $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after purchasing an additional 2,709 shares during the last quarter. Principal Financial Group Inc. purchased a new position in shares of Granite Ridge Resources during the 1st quarter valued at about $150,000. Finally, The Manufacturers Life Insurance Company lifted 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 valued at $147,000 after buying an additional 7,965 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Bank of America reiterated a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Two equities research 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, the stock has an average rating of “Moderate Buy” and an average price target 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.