Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Acquires $32,500.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 5,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the acquisition, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at $628,114.50. The trade was a 5.46 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Granite Ridge Resources Stock Up 0.3 %

GRNT stock opened at $6.52 on Thursday. The firm’s 50-day simple moving average is $6.18 and its 200 day simple moving average is $6.33. The stock has a market cap of $852.42 million, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.72 and a beta of 0.19. 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, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $7.10.

Granite Ridge Resources Dividend Announcement

The firm 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 $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.75%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently added to or reduced their stakes in GRNT. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after buying an additional 2,709 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Granite Ridge Resources by 17.2% during the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after acquiring an additional 3,980 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in Granite Ridge Resources by 14.5% during the first 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 in the last quarter. The Manufacturers Life Insurance Company lifted its position in Granite Ridge Resources by 52.3% in 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. Finally, Sfmg LLC boosted its stake in Granite Ridge Resources by 5.5% during the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after purchasing an additional 9,960 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Evercore ISI dropped their price target 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.

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.