Luke C. Brandenberg Buys 5,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average price of $5.93 per share, with a total value of $29,650.00. Following the completion of the purchase, the chief executive officer now owns 86,633 shares in the company, valued at $513,733.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Granite Ridge Resources Stock Performance

Shares of GRNT stock opened at $5.92 on Wednesday. The company has a 50 day moving average price of $6.48 and a 200-day moving average price of $6.15. Granite Ridge Resources, Inc. has a 52 week low of $5.20 and a 52 week high of $8.14. The firm has a market capitalization of $773.33 million, a PE ratio of 13.14 and a beta of 0.20. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $89.00 million during the quarter. Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. As a group, equities research analysts expect that Granite Ridge Resources, Inc. will post 0.6 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.44%. The ex-dividend date of this dividend was Friday, May 31st. Granite Ridge Resources’s payout ratio is 97.78%.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Georgetown University purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $15,818,000. Trexquant Investment LP purchased a new position in Granite Ridge Resources during the third quarter valued at approximately $787,000. Howard Financial Services LTD. lifted its holdings in Granite Ridge Resources by 3.8% during the fourth quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after purchasing an additional 1,917 shares in the last quarter. DGS Capital Management LLC purchased a new position in Granite Ridge Resources during the fourth quarter valued at approximately $100,000. Finally, Swiss National Bank lifted its holdings in Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after purchasing an additional 6,900 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GRNT. Roth Capital upgraded shares of Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Evercore ISI assumed coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They set an “in-line” rating and a $8.00 price objective for the company. Bank of America restated a “neutral” rating and set a $7.00 price objective on shares of Granite Ridge Resources in a research note on Friday, June 14th. Finally, Roth Mkm assumed coverage on shares of Granite Ridge Resources in a research note on Wednesday, May 15th. They set a “buy” rating and a $8.80 price objective for the company. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $7.95.

About Granite Ridge Resources

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.