Key Points
- Insider buying: Granite Ridge Resources director John Mccartney purchased 5,000 shares at $5.04 each, investing $25,200 and increasing his position by 3.35% to 154,143 shares.
- Financial and dividend update: The company exceeded quarterly earnings and revenue expectations, reporting $0.09 EPS and $149.27 million in revenue. It also declared a quarterly dividend of $0.11 per share, representing an annualized yield of 8.6%.
- Analyst outlook remains mixed but positive overall: Granite Ridge has a MarketBeat consensus rating of “Moderate Buy” and an average price target of $10, compared with shares opening at $5.13.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director John Mccartney acquired 5,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were bought at an average price of $5.04 per share, for a total transaction of $25,200.00. Following the acquisition, the director owned 154,143 shares in the company, valued at approximately $776,880.72. This trade represents a 3.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
John Mccartney also recently made the following trade(s):
- On Thursday, August 13th, John Mccartney acquired 2,000 shares of Granite Ridge Resources stock. The shares were bought at an average cost of $5.00 per share, with a total value of $10,000.00.
Granite Ridge Resources Stock Performance
Shares of NYSE GRNT opened at $5.13 on Thursday. The business has a fifty day simple moving average of $4.79 and a 200 day simple moving average of $5.11. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $677.31 million, a price-to-earnings ratio of -24.45 and a beta of 0.21. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.14.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The firm had revenue of $149.27 million during the quarter, compared to analysts' expectations of $139.44 million. Sell-side analysts expect that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.
Granite Ridge Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.6%. Granite Ridge Resources's dividend payout ratio (DPR) is presently -209.52%.
Analysts Set New Price Targets
GRNT has been the topic of several analyst reports. Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Northland Securities assumed coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price target for the company. Freedom Capital upgraded Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Stephens decreased their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $10.00.
Check Out Our Latest Research Report on GRNT
Hedge Funds Weigh In On Granite Ridge Resources
Several institutional investors and hedge funds have recently made changes to their positions in GRNT. Sherbrooke Park Advisers LLC raised its position in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company's stock worth $111,000 after purchasing an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock worth $132,000 after buying an additional 2,596 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock worth $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock worth $62,000 after acquiring an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock valued at $140,000 after buying an additional 3,550 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.
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.
Further Reading
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