Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg Purchases 5,000 Shares

Granite Ridge Resources, Inc. (NYSE:GRNTGet Free Report) CEO Luke C. Brandenberg purchased 5,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were bought at an average price of $5.93 per share, with a total value of $29,650.00. Following the completion of the transaction, the chief executive officer now owns 86,633 shares of the company’s stock, valued at $513,733.69. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Granite Ridge Resources Stock Performance

Shares of GRNT stock traded up $0.06 during mid-day trading on Monday, hitting $5.91. The stock had a trading volume of 508,388 shares, compared to its average volume of 423,513. The firm has a market cap of $772.67 million, a PE ratio of 13.13 and a beta of 0.20. The company’s 50-day simple moving average is $6.51 and its 200-day simple moving average is $6.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $8.14.

Granite Ridge Resources (NYSE:GRNTGet Free Report) last issued its earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $89.00 million for the quarter. Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.11 per share. The ex-dividend date was Friday, May 31st. This represents a $0.44 dividend on an annualized basis and a yield of 7.45%. Granite Ridge Resources’s payout ratio is 97.78%.

Analysts Set New Price Targets

GRNT has been the topic of a number of recent research reports. Roth Mkm started coverage on shares of Granite Ridge Resources in a research note on Wednesday, May 15th. They set a “buy” rating and a $8.80 price target on the stock. Roth Capital raised Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday, May 15th. Evercore ISI started coverage on Granite Ridge Resources in a report on Monday, April 29th. They set an “in-line” rating and a $8.00 price target for the company. Finally, Bank of America restated a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a research note on Friday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.95.

Read Our Latest Stock Analysis on GRNT

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Howard Financial Services LTD. increased its stake in Granite Ridge Resources by 3.8% in the fourth quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after purchasing an additional 1,917 shares during the last quarter. Barclays PLC increased its stake in shares of Granite Ridge Resources by 86.7% in the third quarter. Barclays PLC now owns 9,754 shares of the company’s stock worth $59,000 after buying an additional 4,529 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in 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 buying an additional 4,880 shares in the last quarter. Swiss National Bank raised its holdings in shares of Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after purchasing an additional 6,900 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its stake in Granite Ridge Resources by 14.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after acquiring an additional 7,304 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

About Granite Ridge Resources

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Granite Ridge Resources (NYSE:GRNT)

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