Granite Ridge Resources (NYSE:GRNT) Director John Mccartney Buys 4,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director John Mccartney acquired 4,000 shares of Granite Ridge Resources stock in a transaction dated Thursday, May 21st. The stock was bought at an average price of $5.54 per share, for a total transaction of $22,160.00. Following the completion of the transaction, the director directly owned 143,143 shares of the company’s stock, valued at approximately $793,012.22. This represents a 2.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

John Mccartney also recently made the following trade(s):

• On Thursday, March 12th, John Mccartney acquired 5,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.16 per share, for a total transaction of $25,800.00.
• On Wednesday, March 11th, John Mccartney bought 2,000 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.12 per share, for a total transaction of $10,240.00.

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $5.53 on Friday. The business’s 50-day moving average price is $5.54 and its 200 day moving average price is $5.16. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.72. The company has a market capitalization of $729.14 million, a PE ratio of -22.11 and a beta of 0.26. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The business had revenue of $128.26 million for the quarter, compared to analysts’ expectations of $126.68 million. On average, research analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 8.0%. Granite Ridge Resources’s dividend payout ratio is -176.00%.

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. State of Alaska Department of Revenue acquired a new stake in shares of Granite Ridge Resources in the third quarter valued at about $26,000. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $35,000. Osaic Holdings Inc. grew its stake in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after buying an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after buying an additional 5,492 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC acquired a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $52,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GRNT shares. Weiss Ratings upgraded Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Stephens dropped their price target on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

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.