Luke C. Brandenberg Purchases 5,000 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 5,000 shares of the stock in a transaction dated 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 purchase, the chief executive officer now directly owns 96,633 shares in the company, valued at approximately $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 through this hyperlink.

Granite Ridge Resources Trading Up 0.3 %

NYSE:GRNT opened at $6.52 on Thursday. The stock has a fifty day simple moving average of $6.18 and a 200 day simple moving average of $6.33. The firm has a market capitalization of $852.42 million, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 1.72 and a beta of 0.19. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.75%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 122.23%.

Institutional Investors Weigh In On Granite Ridge Resources

A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP purchased a new position in Granite Ridge Resources during the 2nd quarter worth approximately $2,891,000. Silvercrest Asset Management Group LLC grew its holdings in shares of Granite Ridge Resources by 32.9% during 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 in the last quarter. AQR Capital Management LLC grew its holdings in shares of Granite Ridge Resources by 72.6% during the second 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. raised its position in Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after buying an additional 357,705 shares during the period. Finally, Geode Capital Management LLC lifted 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 acquiring an additional 317,303 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Evercore ISI reduced their target price on shares of 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.

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.