Key Points
- Director Matthew Reade Miller bought 18,180 shares of Granite Ridge Resources at $5.21 each, spending about $94,718 and increasing his holdings by 1.36% to 1.35 million shares.
- The company recently reported quarterly earnings of $0.02 per share, missing analyst expectations of $0.09, though revenue of $128.26 million came in slightly above estimates.
- Granite Ridge Resources also announced a quarterly dividend of $0.11 per share, implying an annualized yield of 8.5% at the time of the report.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CEO Tyler Farquharson bought 10,000 shares of the stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the acquisition, the chief executive officer owned 344,743 shares of the company's stock, valued at approximately $1,775,426.45. This represents a 2.99% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Tyler Farquharson also recently made the following trade(s):
- On Tuesday, March 10th, Tyler Farquharson bought 12,500 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.21 per share, for a total transaction of $65,125.00.
Granite Ridge Resources Stock Down 1.6%
Shares of NYSE:GRNT opened at $5.16 on Thursday. The company has a market cap of $679.94 million, a price-to-earnings ratio of -20.62, a PEG ratio of 0.62 and a beta of 0.26. The firm's 50-day simple moving average is $5.49 and its 200-day simple moving average is $5.14. The company has a quick ratio of 1.25, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to analysts' expectations of $126.68 million. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. As a group, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.
Granite Ridge Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.44 dividend on an annualized basis and a yield of 8.5%. Granite Ridge Resources's payout ratio is currently -176.00%.
Institutional Trading of Granite Ridge Resources
A number of institutional investors have recently added to or reduced their stakes in GRNT. Bank of America Corp DE boosted its holdings in Granite Ridge Resources by 5,859.1% during the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock worth $28,828,000 after buying an additional 4,449,582 shares in the last quarter. Zazove Associates LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $3,210,000. Dimensional Fund Advisors LP lifted its holdings in shares of Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock valued at $19,414,000 after purchasing an additional 448,066 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Granite Ridge Resources by 115.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company's stock valued at $3,890,000 after purchasing an additional 442,900 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $1,495,000. Hedge funds and other institutional investors own 31.56% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently commented on GRNT shares. Weiss Ratings raised shares of Granite Ridge Resources from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 8th. Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. Finally, Stephens decreased their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Granite Ridge Resources has a consensus rating of "Hold" and a consensus price target of $11.00.
Read Our Latest Stock Report 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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