Granite Ridge Resources (NYSE:GRNT) Director Matthew Reade Miller Buys 10,600 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller acquired 10,600 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director directly owned 1,360,813 shares of the company’s stock, valued at $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. The transaction 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 Wednesday, May 13th, Matthew Reade Miller acquired 18,180 shares of Granite Ridge Resources stock. The shares were purchased at an average price of $5.21 per share, for a total transaction of $94,717.80.
• On Friday, March 13th, Matthew Reade Miller acquired 658 shares of Granite Ridge Resources stock. The shares were purchased at an average price of $5.15 per share, for a total transaction of $3,388.70.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $4.81 on Wednesday. The business’s fifty day moving average price is $5.43 and its 200 day moving average price is $5.14. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.72. The stock has a market capitalization of $633.78 million, a PE ratio of -19.22 and a beta of 0.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Equities research analysts forecast that Granite Ridge Resources, Inc. will post 0.47 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date is Friday, May 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -176.00%.

Wall Street Analysts Forecast Growth

GRNT has been the topic of a number of recent research reports. Zacks Research cut Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, May 25th. Stephens cut their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $11.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GRNT. Bank of America Corp DE increased its holdings in shares of Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after purchasing an additional 4,449,582 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources during the first quarter valued at $6,624,000. Zazove Associates LLC acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at $3,210,000. Dimensional Fund Advisors LP increased its holdings in shares of Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after purchasing an additional 448,066 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Granite Ridge Resources by 115.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock valued at $3,890,000 after purchasing an additional 442,900 shares during the period. 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.