Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Acquires $32,750.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CFO Tyler Farquharson acquired 5,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the purchase, the chief financial officer now directly owns 86,723 shares of the company’s stock, valued at approximately $568,035.65. This represents a 6.12 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Tyler Farquharson also recently made the following trade(s):

• On Wednesday, September 11th, Tyler Farquharson purchased 5,000 shares of Granite Ridge Resources stock. The shares were bought at an average price of $5.95 per share, with a total value of $29,750.00.
• On Monday, August 19th, Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock. The stock was bought at an average cost of $6.62 per share, with a total value of $33,100.00.

Granite Ridge Resources Stock Performance

GRNT stock opened at $6.40 on Friday. The business has a 50 day moving average of $6.14 and a 200-day moving average of $6.33. The firm has a market cap of $836.76 million, a PE ratio of 17.78, a P/E/G ratio of 1.71 and a beta of 0.19. Granite Ridge Resources, Inc. has a 12-month low of $5.20 and a 12-month high of $7.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Announces Dividend

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 dividend of $0.11 per share. The ex-dividend date is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 6.88%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.22%.

Analysts Set New Price Targets

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

Institutional Trading of Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC raised its stake in shares of Granite Ridge Resources by 4,228.0% in the second quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after buying an additional 9,978 shares during the period. Ground Swell Capital LLC purchased a new stake in Granite Ridge Resources in the 3rd quarter worth about $66,000. nVerses Capital LLC bought a new stake in Granite Ridge Resources in the 2nd quarter valued at about $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares during the period. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

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.