Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) Director Acquires $50,050.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 7,700 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was bought at an average price of $6.50 per share, for a total transaction of $50,050.00. Following the acquisition, the director now owns 666,075 shares of the company’s stock, valued at approximately $4,329,487.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, March 14th, Matthew Reade Miller purchased 3,250 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $6.20 per share, for a total transaction of $20,150.00.

Granite Ridge Resources Price Performance

GRNT opened at $6.31 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a market capitalization of $824.97 million, a PE ratio of 14.20 and a beta of 0.20. The stock’s 50 day moving average price is $6.56 and its 200-day moving average price is $6.15. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $8.14.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The company had revenue of $89.00 million for the quarter. On average, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.6 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.44 annualized dividend and a yield of 6.97%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

Institutional Trading of Granite Ridge Resources

Several large investors have recently bought and sold shares of GRNT. Nisa Investment Advisors LLC boosted its position in shares of Granite Ridge Resources by 24,400.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after purchasing an additional 4,880 shares in the last quarter. Barclays PLC boosted its holdings in shares of Granite Ridge Resources by 86.7% during the 3rd quarter. Barclays PLC now owns 9,754 shares of the company’s stock valued at $59,000 after buying an additional 4,529 shares in the last quarter. Independent Wealth Network Inc. purchased a new stake in shares of Granite Ridge Resources in the 4th quarter worth about $74,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Granite Ridge Resources in the 4th quarter worth about $79,000. Finally, SG Americas Securities LLC purchased a new position in Granite Ridge Resources during the 4th quarter valued at about $93,000. 31.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GRNT has been the subject of a number of analyst reports. Evercore ISI began coverage on Granite Ridge Resources in a research note on Monday, April 29th. They set an “in-line” rating and a $8.00 price objective for the company. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Finally, Roth Mkm assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price objective on the stock. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Granite Ridge Resources presently has an average rating of “Buy” and a consensus price target of $8.45.

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.