Granite Ridge Resources, Inc. (NYSE:GRNT – Get Free Report) Director Griffin Perry acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was acquired at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the acquisition, the director owned 1,163,903 shares of the company’s stock, valued at $6,389,827.47. The trade was a 9.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Granite Ridge Resources Stock Performance
GRNT opened at $5.48 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market cap of $722.13 million, a price-to-earnings ratio of -21.90 and a beta of 0.26. The company’s 50 day moving average is $5.50 and its 200 day moving average is $5.15. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.72.
Granite Ridge Resources (NYSE:GRNT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The firm had revenue of $128.26 million for the quarter, compared to the consensus estimate of $126.68 million. On average, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.53 EPS for the current year.
Granite Ridge Resources Dividend Announcement
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Sherbrooke Park Advisers LLC grew its holdings in shares of Granite Ridge Resources by 12.9% in the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after purchasing an additional 2,357 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after purchasing an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Granite Ridge Resources by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of Granite Ridge Resources by 35.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after purchasing an additional 3,550 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
GRNT has been the topic of a number of recent analyst reports. Stephens decreased their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Weiss Ratings upgraded shares of Granite Ridge Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.00.
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.
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