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

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

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 price 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 shares were purchased at an average cost of $5.97 per share, with a total value of $50,745.00.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock traded up $0.19 during trading hours on Friday, reaching $6.80. 281,397 shares of the company were exchanged, compared to its average volume of 433,407. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average of $6.18 and a 200 day moving average of $6.33. The firm has a market cap of $889.03 million, a price-to-earnings ratio of 18.36, a PEG ratio of 1.72 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.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.47%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is 122.23%.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in GRNT. Swiss National Bank grew its stake in shares of Granite Ridge Resources by 77.6% in the first quarter. Swiss National Bank now owns 118,100 shares of the company’s stock worth $768,000 after acquiring an additional 51,600 shares during the last quarter. Vanguard Group Inc. grew its position 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 worth $10,943,000 after purchasing an additional 47,182 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of Granite Ridge Resources by 14.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after purchasing an additional 7,304 shares during the period. Silvercrest Asset Management Group LLC lifted 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 during the period. Finally, California State Teachers Retirement System grew its position in Granite Ridge Resources by 57.9% during the first quarter. California State Teachers Retirement System now owns 57,133 shares of the company’s stock worth $371,000 after buying an additional 20,944 shares in the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.