Granite Ridge Resources, Inc. (NYSE:GRNT) Director Buys $117,942.77 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 18,173 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the transaction, the director now directly owns 711,164 shares of the company’s stock, valued at approximately $4,615,454.36. This trade represents a 2.62 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, September 13th, Matthew Reade Miller purchased 495 shares of Granite Ridge Resources stock. The shares were acquired at an average cost of $6.23 per share, for a total transaction of $3,083.85.
• On Wednesday, September 11th, Matthew Reade Miller acquired 8,500 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $5.97 per share, with a total value of $50,745.00.

Granite Ridge Resources Trading Up 1.4 %

Shares of GRNT stock traded up $0.09 during trading on Thursday, hitting $6.61. 396,741 shares of the stock traded hands, compared to its average volume of 432,204. The firm has a market capitalization of $864.19 million, a P/E ratio of 18.11, a price-to-earnings-growth ratio of 1.72 and a beta of 0.19. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm’s fifty day moving average price is $6.18 and its 200-day moving average price is $6.33.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.11 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 6.66%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 122.23%.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI dropped their price objective on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Granite Ridge Resources by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock valued at $10,943,000 after purchasing an additional 47,182 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Granite Ridge Resources by 32.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after buying an additional 406,500 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Granite Ridge Resources by 35.8% in the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after buying an additional 357,705 shares during the period. Bank of New York Mellon Corp boosted its holdings in Granite Ridge Resources by 6.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after acquiring an additional 78,636 shares during the period. Finally, Geode Capital Management LLC grew its position in Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after acquiring an additional 317,303 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.