Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Acquires 5,000 Shares of Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 5,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were purchased at an average cost of $6.50 per share, with a total value of $32,500.00. Following the completion of the purchase, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at $628,114.50. This trade represents a 5.46 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT opened at $6.60 on Tuesday. The firm has a 50 day moving average of $6.15 and a 200 day moving average of $6.33. Granite Ridge Resources, Inc. has a 52 week low of $5.20 and a 52 week 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. The company has a market capitalization of $862.88 million, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 1.68 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given 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 6.67%. Granite Ridge Resources’s payout ratio is 122.23%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors have recently bought and sold shares of GRNT. CWM LLC boosted its position in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares in the last quarter. Ground Swell Capital LLC purchased a new stake in Granite Ridge Resources in the third quarter valued at about $66,000. nVerses Capital LLC acquired a new stake in Granite Ridge Resources in the second quarter worth about $99,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after acquiring an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of 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 valued at $147,000 after acquiring an additional 7,965 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.