Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg Acquires 8,495 Shares

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 8,495 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the completion of the transaction, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their position. The purchase 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 NYSE GRNT opened at $6.10 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $6.25 and its two-hundred day moving average is $6.31. The company has a market cap of $797.51 million, a P/E ratio of 16.94, a P/E/G ratio of 1.62 and a beta of 0.23. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.21%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

Analysts Set New Price Targets

Separately, Evercore ISI reduced their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a report on Monday, September 30th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GRNT. CWM LLC increased its position in Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after buying an additional 9,978 shares during the period. Ground Swell Capital LLC bought a new stake in shares of Granite Ridge Resources during the third quarter valued at approximately $66,000. nVerses Capital LLC bought a new stake in shares of Granite Ridge Resources during the second quarter valued at approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after purchasing an additional 7,965 shares during the period. 31.56% of the stock is owned by institutional investors.

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.