Granite Ridge Resources, Inc. (NYSE:GRNT – Get Free Report) CFO Ronald Kettler acquired 6,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 4th. The shares were bought at an average cost of $5.05 per share, with a total value of $30,300.00. Following the transaction, the chief financial officer owned 135,276 shares in the company, valued at approximately $683,143.80. This trade represents a 4.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Granite Ridge Resources Stock Up 0.3%
Shares of Granite Ridge Resources stock traded up $0.01 during trading on Tuesday, reaching $5.09. 849,046 shares of the company traded hands, compared to its average volume of 916,596. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14. The company has a 50 day moving average price of $4.82 and a 200-day moving average price of $5.11. The firm has a market capitalization of $672.03 million, a PE ratio of -24.26 and a beta of 0.21.
Granite Ridge Resources (NYSE:GRNT – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The business had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. As a group, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.
Granite Ridge Resources Dividend Announcement
Hedge Funds Weigh In On Granite Ridge Resources
Hedge funds have recently bought and sold shares of the company. Great Lakes Advisors LLC bought a new position in shares of Granite Ridge Resources in the first quarter valued at approximately $113,000. Jane Street Group LLC purchased a new position in Granite Ridge Resources during the 1st quarter valued at about $131,000. Creative Planning purchased a new stake in shares of Granite Ridge Resources in the second quarter worth about $225,000. JPMorgan Chase & Co. boosted its position in shares of Granite Ridge Resources by 1,115.3% in the second quarter. JPMorgan Chase & Co. now owns 312,249 shares of the company’s stock valued at $1,989,000 after acquiring an additional 286,556 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Granite Ridge Resources by 2,610.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock worth $92,000 after acquiring an additional 13,864 shares during the period. 31.56% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
GRNT has been the subject of several recent research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Freedom Capital upgraded shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities started coverage on shares of Granite Ridge Resources in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price objective on the stock. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Finally, Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.00.
Check Out Our Latest Analysis on Granite Ridge Resources
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.
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