Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Buys $31,150.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the purchase, the chief executive officer now directly owns 91,633 shares of the company’s stock, valued at $570,873.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $6.58 on Friday. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The firm’s 50-day simple moving average is $6.42 and its 200 day simple moving average is $6.34. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. The stock has a market cap of $859.64 million, a P/E ratio of 14.61, a P/E/G ratio of 6.64 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The company had revenue of $90.65 million for the quarter, compared to the consensus estimate of $96.97 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Equities analysts expect that Granite Ridge Resources, Inc. will post 0.6 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.69%. The ex-dividend date of this dividend is Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GRNT. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Bank of America reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Roth Mkm started coverage on shares of Granite Ridge Resources in a report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price objective for the company. Finally, Evercore ISI started coverage on shares of Granite Ridge Resources in a report on Monday, April 29th. They issued an “in-line” rating and a $8.00 price objective for the company. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.95.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Georgetown University purchased a new position in Granite Ridge Resources in the 4th quarter worth about $15,818,000. Silvercrest Asset Management Group LLC increased its stake in Granite Ridge Resources by 32.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after purchasing an additional 406,500 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Granite Ridge Resources in the 1st quarter worth about $186,000. DGS Capital Management LLC purchased a new position in Granite Ridge Resources in the 4th quarter worth about $100,000. Finally, Swiss National Bank increased its stake in Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after purchasing an additional 6,900 shares in the last quarter. 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.