Key Points
- Director John McCartney purchased 2,000 shares at an average price of $5.12 on March 11, increasing his stake to 131,143 shares (a 1.55% ownership increase) in a transaction disclosed to the SEC.
- The company declared a quarterly dividend of $0.11 (annualized yield ~8.5%), but the payout ratio is very high at 244.44%, suggesting the dividend may be unsustainably large relative to earnings.
- Granite Ridge reported a quarterly EPS of $0.01 versus $0.10 expected and missed revenue estimates, while the stock trades near $5.18 with a market cap of about $680 million and a P/E around 28.8.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney acquired 2,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were bought at an average price of $5.12 per share, with a total value of $10,240.00. Following the completion of the transaction, the director directly owned 131,143 shares of the company's stock, valued at $671,452.16. The trade was a 1.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Granite Ridge Resources Trading Up 1.1%
NYSE:GRNT traded up $0.06 on Friday, reaching $5.18. 615,780 shares of the stock traded hands, compared to its average volume of 691,406. The company has a current ratio of 1.25, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.72. The company's 50 day moving average is $4.88 and its 200-day moving average is $5.12. The firm has a market capitalization of $680.31 million, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 3.19 and a beta of 0.34.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. The firm had revenue of $105.49 million during the quarter, compared to the consensus estimate of $120.76 million. Equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.
Granite Ridge Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.44 annualized dividend and a dividend yield of 8.5%. Granite Ridge Resources's dividend payout ratio (DPR) is 244.44%.
Analyst Ratings Changes
Several equities research analysts have weighed in on GRNT shares. Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Monday. Weiss Ratings upgraded Granite Ridge Resources from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, January 26th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Granite Ridge Resources currently has an average rating of "Hold".
Check Out Our Latest Stock Analysis on Granite Ridge Resources
Institutional Trading of Granite Ridge Resources
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sfmg LLC boosted its position in shares of Granite Ridge Resources by 28.1% during the second quarter. Sfmg LLC now owns 310,606 shares of the company's stock valued at $1,979,000 after buying an additional 68,112 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new position in Granite Ridge Resources during the 2nd quarter valued at $659,000. American Century Companies Inc. lifted its stake in Granite Ridge Resources by 4.8% during the 2nd quarter. American Century Companies Inc. now owns 2,358,039 shares of the company's stock valued at $15,021,000 after acquiring an additional 108,049 shares in the last quarter. Prudential Financial Inc. purchased a new position in Granite Ridge Resources during the 2nd quarter worth $657,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Granite Ridge Resources in the 2nd quarter worth $71,000. 31.56% of the stock is owned by 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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