Key Points
- Director John Mccartney bought 4,000 shares of Granite Ridge Resources at an average price of $5.54, bringing his total ownership to 143,143 shares worth about $793,012.
- This continues a recent pattern of insider buying: Mccartney also purchased 5,000 shares in March and 2,000 shares the day before that at slightly lower prices.
- The company recently reported mixed results and pays a dividend, missing EPS estimates in its latest quarter but beating on revenue, while announcing a $0.11 quarterly dividend for an 8.0% annualized yield.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney bought 4,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was bought at an average price of $5.54 per share, with a total value of $22,160.00. Following the purchase, the director owned 143,143 shares of the company's stock, valued at approximately $793,012.22. This represents a 2.87% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
John Mccartney also recently made the following trade(s):
- On Thursday, March 12th, John Mccartney bought 5,000 shares of Granite Ridge Resources stock. The stock was bought at an average price of $5.16 per share, with a total value of $25,800.00.
- On Wednesday, March 11th, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The shares were acquired at an average price of $5.12 per share, with a total value of $10,240.00.
Granite Ridge Resources Price Performance
Shares of NYSE GRNT opened at $5.53 on Friday. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The business has a 50 day moving average price of $5.54 and a two-hundred day moving average price of $5.16. 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 firm has a market cap of $729.14 million, a PE ratio of -22.11 and a beta of 0.26.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The business had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.53 earnings per share for the current fiscal year.
Granite Ridge Resources Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a $0.11 dividend. The ex-dividend date is Friday, May 29th. This represents a $0.44 annualized dividend and a dividend yield of 8.0%. Granite Ridge Resources's dividend payout ratio (DPR) is presently -176.00%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on GRNT shares. Weiss Ratings raised Granite Ridge Resources from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 8th. Stephens cut their target price on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $11.00.
View Our Latest Report on GRNT
Institutional Investors Weigh In On Granite Ridge Resources
Institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $26,000. First Horizon Corp acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth $35,000. Osaic Holdings Inc. raised its position in shares of Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its position in 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 acquired a new position in Granite Ridge Resources during the fourth quarter valued at $52,000. 31.56% of the stock is owned by institutional investors and hedge funds.
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.
Further Reading
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