Key Points
- Granite Ridge CFO Ronald Kettler purchased 6,000 shares at an average price of $5.05, investing $30,300 and increasing his stake by 4.64% to 135,276 shares.
- GRNT recently reported quarterly revenue of $149.27 million and earnings of $0.09 per share, exceeding analyst expectations. The company also declared a quarterly dividend of $0.11, equivalent to an annualized yield of approximately 8.6%.
- Analyst sentiment is mixed but leans positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $10.00 versus its recent price near $5.12.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CFO Ronald Kettler acquired 6,000 shares of the stock in a transaction dated Friday, September 4th. The shares were bought at an average cost of $5.05 per share, for a total transaction of $30,300.00. Following the acquisition, the chief financial officer owned 135,276 shares in the company, valued at $683,143.80. The trade was a 4.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
Granite Ridge Resources Stock Up 0.7%
GRNT opened at $5.12 on Wednesday. The business has a 50 day moving average price of $4.84 and a 200 day moving average price of $5.11. Granite Ridge Resources, Inc. has a twelve month low of $4.18 and a twelve month high of $6.14. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $674.67 million, a P/E ratio of -24.36 and a beta of 0.21.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating 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 company had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Research analysts forecast that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.
Granite Ridge Resources Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be paid a $0.11 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.6%. Granite Ridge Resources's dividend payout ratio (DPR) is presently -209.52%.
Hedge Funds Weigh In On Granite Ridge Resources
Hedge funds and other institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its position in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock valued at $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 worth $36,000 after purchasing an additional 5,492 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after purchasing an additional 4,635 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Granite Ridge Resources in the 1st quarter valued at approximately $59,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at approximately $47,000. 31.56% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Northland Securities began coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They set an "outperform" rating and a $9.00 target price for the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Finally, Freedom Capital raised Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of "Moderate Buy" and an average price target of $10.00.
Check Out Our Latest Stock Analysis on GRNT
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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