Key Points
- Granite Ridge Resources director Matthew Reade Miller bought 10,600 shares at $4.75 each, spending $50,350 and lifting his holdings to about 1.36 million shares.
- The company recently reported Q1 earnings of $0.02 per share, below analyst expectations, though revenue of $128.26 million came in slightly above estimates.
- Granite Ridge recently declared a quarterly dividend of $0.11 per share, which annualizes to a 9.2% yield, even as analysts currently hold a consensus rating of “Reduce” on the stock.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Matthew Reade Miller purchased 10,600 shares of the stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the acquisition, the director directly owned 1,360,813 shares of the company's stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.
Matthew Reade Miller also recently made the following trade(s):
- On Wednesday, May 13th, Matthew Reade Miller purchased 18,180 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $5.21 per share, for a total transaction of $94,717.80.
- On Friday, March 13th, Matthew Reade Miller bought 658 shares of Granite Ridge Resources stock. The shares were purchased at an average cost of $5.15 per share, for a total transaction of $3,388.70.
Granite Ridge Resources Price Performance
NYSE:GRNT opened at $4.81 on Wednesday. The business's 50-day moving average price is $5.43 and its 200 day moving average price is $5.14. The firm has a market cap of $633.78 million, a P/E ratio of -19.22 and a beta of 0.19. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.72. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million for the quarter, compared to analyst estimates of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.47 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. Investors of record on Friday, May 29th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend is Friday, May 29th. Granite Ridge Resources's payout ratio is presently -176.00%.
Analyst Ratings Changes
A number of research analysts recently issued reports on GRNT shares. Zacks Research lowered Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a report on Monday, May 25th. Stephens lowered their target price on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Finally, Weiss Ratings lowered Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of "Reduce" and a consensus target price of $11.00.
Check Out Our Latest Stock Report on Granite Ridge Resources
Hedge Funds Weigh In On Granite Ridge Resources
Institutional investors have recently bought and sold shares of the stock. First Horizon Corp purchased a new position in Granite Ridge Resources in the 4th quarter worth about $35,000. Osaic Holdings Inc. increased its stake in 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 purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock worth $36,000 after purchasing an additional 5,492 shares in the last quarter. OpenArc Corporate Advisory LLC purchased a new position in Granite Ridge Resources in the 4th quarter worth about $52,000. Finally, Tower Research Capital LLC TRC increased its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.
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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