Ronald Kyle Kettler Purchases 5,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the acquisition, the chief financial officer owned 120,276 shares in the company, valued at $623,029.68. This trade represents a 4.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Granite Ridge Resources Stock Performance

GRNT traded down $0.02 during trading on Friday, hitting $5.11. The stock had a trading volume of 80,612 shares, compared to its average volume of 680,795. The firm has a market cap of $671.10 million, a PE ratio of 28.41, a P/E/G ratio of 3.19 and a beta of 0.34. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.72. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. The company has a 50 day simple moving average of $4.88 and a 200-day simple moving average of $5.12.

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

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.11 dividend. The ex-dividend date of this dividend 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 244.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, Granite Ridge Resources currently has an average rating of “Hold”.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Great Lakes Advisors LLC acquired a new position in Granite Ridge Resources in the 1st quarter valued at approximately $113,000. Jane Street Group LLC bought a new stake in shares of Granite Ridge Resources during the first quarter valued at approximately $131,000. Savant Capital LLC acquired a new position in shares of Granite Ridge Resources in the second quarter valued at $126,000. Campbell & CO Investment Adviser LLC bought a new position in Granite Ridge Resources in the second quarter worth $659,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Granite Ridge Resources during the second quarter worth $71,000. 31.56% of the stock is currently owned by institutional investors.

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.