Insider Buying: Granite Ridge Resources (NYSE:GRNT) CFO Purchases $30,480.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Ronald Kyle Kettler bought 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the completion of the purchase, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at $656,722.08. The trade was a 4.87% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Ronald Kyle Kettler also recently made the following trade(s):

• On Friday, March 13th, Ronald Kyle Kettler bought 3,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.17 per share, for a total transaction of $15,510.00.
• On Tuesday, March 10th, Ronald Kyle Kettler bought 5,000 shares of Granite Ridge Resources stock. The stock was acquired at an average cost of $5.18 per share, for a total transaction of $25,900.00.

Granite Ridge Resources Stock Down 0.1%

NYSE GRNT opened at $4.86 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $640.51 million, a PE ratio of -19.42 and a beta of 0.19. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.72. The business’s 50-day moving average is $5.52 and its 200 day moving average is $5.15.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. Sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.44 annualized dividend and a dividend yield of 9.1%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -176.00%.

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Corp purchased a new stake in Granite Ridge Resources in the fourth quarter worth about $35,000. Osaic Holdings Inc. lifted its holdings in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the last quarter. OpenArc Corporate Advisory LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $52,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Monday, May 25th. Finally, Stephens lowered their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $11.00.

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.