Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Buys $101,298.60 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 18,252 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $5.55 per share, for a total transaction of $101,298.60. Following the completion of the purchase, the chief executive officer now owns 151,167 shares of the company’s stock, valued at $838,976.85. This trade represents a 13.73% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Granite Ridge Resources Trading Up 1.8%

Shares of Granite Ridge Resources stock opened at $5.67 on Monday. Granite Ridge Resources, Inc. has a 52-week low of $4.52 and a 52-week high of $7.10. 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 company’s 50-day simple moving average is $5.35 and its 200-day simple moving average is $5.95. The firm has a market cap of $743.54 million, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. The business had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. As a group, equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.76%. Granite Ridge Resources’s dividend payout ratio (DPR) is 488.89%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Grey Rock Energy Management LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth about $357,018,000. Hamilton Lane Advisors LLC grew its position in Granite Ridge Resources by 15.5% during the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company’s stock worth $51,562,000 after buying an additional 1,139,430 shares during the period. Nuveen LLC acquired a new position in Granite Ridge Resources during the first quarter worth about $5,860,000. Spider Management Company LLC grew its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after buying an additional 872,282 shares during the period. Finally, Georgetown University grew its position in Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock worth $21,483,000 after buying an additional 697,823 shares during the period. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on GRNT. Stephens restated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st.

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.