Insider Buying: Granite Ridge Resources (NYSE:GRNT) CEO Purchases 12,500 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Tyler Farquharson purchased 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $5.21 per share, with a total value of $65,125.00. Following the completion of the purchase, the chief executive officer directly owned 334,743 shares in the company, valued at $1,744,011.03. The trade was a 3.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Granite Ridge Resources Trading Up 2.1%

GRNT traded up $0.11 during trading hours on Wednesday, reaching $5.13. 463,520 shares of the company’s stock traded hands, compared to its average volume of 675,371. The firm has a 50-day moving average price of $4.86 and a 200 day moving average price of $5.12. The firm has a market capitalization of $673.73 million, a PE ratio of 28.53, a PEG ratio of 2.61 and a beta of 0.34. The company has a quick ratio of 1.41, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.72.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, March 5th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The business had revenue of $105.49 million during the quarter, compared to analysts’ expectations of $120.76 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 244.44%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRNT. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Granite Ridge Resources presently has an average rating of “Hold”.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new stake in shares of Granite Ridge Resources during the third quarter valued at about $26,000. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring 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% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after acquiring an additional 5,492 shares during the last quarter. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $35,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.