Key Points
- Insider buying: Director Matthew Miller purchased 10,000 Granite Ridge Resources shares at $5.03 each, increasing his stake by 0.51% to nearly 1.97 million shares.
- Financial performance and dividend: The company beat quarterly earnings and revenue estimates, reporting $0.09 in EPS and $149.27 million in revenue. It also paid a quarterly dividend of $0.11, equivalent to an annualized yield of about 8.6%.
- Mixed but improving sentiment: Analyst opinions range from sell to strong buy, but the overall consensus is “Moderate Buy” with an average price target of $10, compared with the stock’s recent price near $5.12.
Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Matthew Miller bought 10,000 shares of Granite Ridge Resources stock in a transaction on Friday, September 11th. The shares were acquired at an average cost of $5.03 per share, with a total value of $50,300.00. Following the completion of the acquisition, the director owned 1,974,292 shares of the company's stock, valued at $9,930,688.76. The trade was a 0.51% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.
Granite Ridge Resources Trading Up 0.3%
Granite Ridge Resources stock opened at $5.12 on Tuesday. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.14. The firm has a market capitalization of $675.99 million, a price-to-earnings ratio of -24.40 and a beta of 0.21. The firm has a 50 day moving average of $4.89 and a 200 day 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.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, research analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current year.
Granite Ridge Resources Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was 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 is -209.52%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the company. Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Wall Street Zen raised shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Northland Securities initiated coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price objective on the stock. Finally, Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a report on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $10.00.
View Our Latest Analysis on GRNT
Institutional Investors Weigh In On Granite Ridge Resources
Large investors have recently made changes to their positions in the company. Corient Private Wealth LP boosted its stake in Granite Ridge Resources by 13.8% during the second quarter. Corient Private Wealth LP now owns 33,450 shares of the company's stock valued at $148,000 after buying an additional 4,058 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Granite Ridge Resources in the 2nd quarter worth approximately $25,000. Royal Bank of Canada increased its stake in Granite Ridge Resources by 180.6% in the 1st quarter. Royal Bank of Canada now owns 14,569 shares of the company's stock worth $86,000 after acquiring an additional 9,377 shares during the last quarter. Independent Wealth Network Inc. increased its stake in Granite Ridge Resources by 32.3% in the 1st quarter. Independent Wealth Network Inc. now owns 38,934 shares of the company's stock worth $229,000 after acquiring an additional 9,508 shares during the last quarter. Finally, Zazove Associates LLC raised its holdings in shares of Granite Ridge Resources by 1.4% during the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company's stock worth $4,068,000 after acquiring an additional 9,900 shares in the last quarter. 31.56% of the stock is owned by institutional investors.
About Granite Ridge Resources
(
Get Free Report)
Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.
The company's portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.
Further Reading
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