Key Points
- Kirk Lazarine, a director, purchased 10,000 shares of Granite Ridge (GRNT) at an average price of $4.97 on Nov. 21 for $49,700, raising his direct stake to 1,051,997 shares (a 0.96% ownership increase).
- Granite Ridge announced a quarterly $0.11 dividend (annualized $0.44) representing an 8.6% yield157.14% indicates it may be unsustainably high relative to earnings.
- The stock traded near $5.13 with a market cap of about $672.7M and a P/E of 18.3, and analysts' consensus is a "Hold" with a $8.00 target price.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Kirk Lazarine acquired 10,000 shares of the company's stock in a transaction dated Friday, November 21st. The shares were purchased at an average cost of $4.97 per share, for a total transaction of $49,700.00. Following the purchase, the director directly owned 1,051,997 shares in the company, valued at approximately $5,228,425.09. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Granite Ridge Resources Price Performance
Granite Ridge Resources stock traded up $0.16 during midday trading on Friday, reaching $5.13. The company had a trading volume of 616,944 shares, compared to its average volume of 494,981. The company has a market capitalization of $672.66 million, a P/E ratio of 18.30, a P/E/G ratio of 1.93 and a beta of 0.34. The firm's fifty day simple moving average is $5.34 and its 200-day simple moving average is $5.51. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings data on Monday, September 11th. The company reported $0.61 EPS for the quarter. The firm had revenue of $150.27 million for the quarter. Granite Ridge Resources had a return on equity of 12.12% and a net margin of 8.38%. As a group, equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.
Granite Ridge Resources Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a $0.11 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. Granite Ridge Resources's dividend payout ratio (DPR) is 157.14%.
Institutional Trading of Granite Ridge Resources
A number of hedge funds and other institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue acquired a new position in Granite Ridge Resources during the 3rd quarter worth $26,000. Osaic Holdings Inc. boosted its stake in Granite Ridge Resources by 264.2% during the 2nd 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 period. EverSource Wealth Advisors LLC increased 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 period. Tower Research Capital LLC TRC raised its holdings in 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 worth $58,000 after purchasing an additional 4,635 shares in the last quarter. Finally, Ieq Capital LLC acquired a new stake in shares of Granite Ridge Resources in the first quarter valued at $62,000. 31.56% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
GRNT has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Granite Ridge Resources in a research report on Friday, October 31st. Zacks Research downgraded Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $8.00.
View Our Latest Analysis on Granite Ridge Resources
About Granite Ridge Resources
(
Get Free Report)
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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