Key Points
- Director Griffin Perry bought 100,000 shares of Granite Ridge Resources at $5.49 each, a $549,000 purchase that lifted his holdings by 9.4% to 1,163,903 shares.
- Granite Ridge Resources recently reported Q1 earnings of $0.02 per share, missing estimates, though revenue of $128.26 million slightly beat forecasts.
- The company announced a quarterly dividend of $0.11 per share, implying an 8.0% annualized yield, while analysts currently rate the stock a consensus Hold with a $11.00 price target.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Griffin Perry acquired 100,000 shares of the company's stock in a transaction on Monday, May 18th. The shares were purchased at an average cost of $5.49 per share, with a total value of $549,000.00. Following the completion of the purchase, the director directly owned 1,163,903 shares of the company's stock, valued at $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Granite Ridge Resources Stock Down 0.6%
NYSE GRNT opened at $5.48 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a fifty day moving average of $5.50 and a two-hundred day moving average of $5.15. The firm has a market capitalization of $722.13 million, a price-to-earnings ratio of -21.90 and a beta of 0.26. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.72.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The firm had revenue of $128.26 million for the quarter, compared to analysts' expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. On average, analysts predict that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current year.
Granite Ridge Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources's payout ratio is presently -176.00%.
Analyst Ratings Changes
GRNT has been the subject of several recent analyst reports. Stephens dropped 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 research note on Friday, May 8th. Weiss Ratings raised shares of Granite Ridge Resources from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 8th. Finally, Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $11.00.
Read Our Latest Report on GRNT
Institutional Trading of Granite Ridge Resources
Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock valued at $28,828,000 after acquiring an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Granite Ridge Resources by 6.7% in the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company's stock valued at $24,197,000 after acquiring an additional 282,132 shares in the last quarter. Dimensional Fund Advisors LP raised 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 acquiring an additional 448,066 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Granite Ridge Resources by 12.9% in the third quarter. American Century Companies Inc. now owns 2,661,098 shares of the company's stock valued at $14,397,000 after acquiring an additional 303,059 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Granite Ridge Resources by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company's stock valued at $6,944,000 after acquiring an additional 95,810 shares in the last quarter. 31.56% of the stock is currently 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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