Key Points
- CEO Tyler Farquharson bought 12,500 shares on March 10 at an average price of $5.21, increasing his stake to 334,743 shares (a 3.88% rise) worth about $1.74 million, per an SEC Form 4 filing.
- Granite Ridge missed quarterly estimates (EPS $0.01 vs. $0.10 expected; revenue $105.49M vs. $120.76M) and declared a $0.11 quarterly dividend (annualized $0.44), which represents an 8.6% yield and a 244.44% payout ratio.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CFO Ronald Kyle Kettler purchased 5,000 shares of the stock in a transaction on Tuesday, March 10th. The stock was acquired at an average cost of $5.18 per share, with a total value of $25,900.00. Following the completion of the purchase, the chief financial officer directly owned 120,276 shares of the company's stock, valued at $623,029.68. The trade was a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.
Granite Ridge Resources Trading Up 1.9%
NYSE GRNT traded up $0.10 during trading on Thursday, hitting $5.17. 199,964 shares of the company's stock traded hands, compared to its average volume of 675,668. The stock has a fifty day moving average of $4.87 and a two-hundred day moving average of $5.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 1.41. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.72. The firm has a market cap of $678.99 million, a P/E ratio of 28.69, a PEG ratio of 2.46 and a beta of 0.34.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%.The company had revenue of $105.49 million during the quarter, compared to analysts' expectations of $120.76 million. As a group, sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.
Granite Ridge Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.5%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 244.44%.
Analysts Set New Price Targets
GRNT has been the subject of several recent research reports. Zacks Research upgraded Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Monday. Weiss Ratings upgraded shares of Granite Ridge Resources from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold".
Check Out Our Latest Research Report on GRNT
Institutional Trading of Granite Ridge Resources
A number of institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue bought a new position in Granite Ridge Resources during the 3rd quarter valued at approximately $26,000. First Horizon Corp purchased a new stake in Granite Ridge Resources in the 4th quarter worth approximately $35,000. Osaic Holdings Inc. grew its position in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after buying an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 5,492 shares during the period. Finally, OpenArc Corporate Advisory LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $52,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.
Granite Ridge Resources Company Profile
(
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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