Luke C. Brandenberg Acquires 2,500 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 2,500 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was bought at an average cost of $6.57 per share, with a total value of $16,425.00. Following the transaction, the chief executive officer now owns 99,133 shares in the company, valued at $651,303.81. This trade represents a 2.59 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $6.55 on Friday. The stock has a market cap of $856.35 million, a P/E ratio of 18.19, a P/E/G ratio of 1.73 and a beta of 0.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s fifty day moving average is $6.22 and its 200 day moving average is $6.33. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.72%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 122.23%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP bought a new position in shares of Granite Ridge Resources in the second quarter worth approximately $2,891,000. AQR Capital Management LLC lifted its stake in shares of Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after buying an additional 393,787 shares in the last quarter. American Century Companies Inc. boosted its holdings in 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 worth $8,591,000 after buying an additional 357,705 shares during the period. Geode Capital Management LLC increased its stake 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 worth $7,258,000 after buying an additional 317,303 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Granite Ridge Resources by 50.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after acquiring an additional 141,634 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.