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

Granite Ridge Resources, Inc. (NYSE:GRNT) Director Matthew Reade Miller purchased 18,173 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $6.49 per share, with a total value of $117,942.77. Following the completion of the acquisition, the director now directly owns 711,164 shares in the company, valued at $4,615,454.36. The trade was a 2.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Matthew Reade Miller also recently made the following trade(s):

• On Friday, September 13th, Matthew Reade Miller bought 495 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $6.23 per share, with a total value of $3,083.85.
• On Wednesday, September 11th, Matthew Reade Miller bought 8,500 shares of Granite Ridge Resources stock. The stock was purchased at an average cost of $5.97 per share, with a total value of $50,745.00.

Granite Ridge Resources Stock Performance

Shares of GRNT stock opened at $6.78 on Friday. The stock has a market capitalization of $886.42 million, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.75 and a beta of 0.19. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The stock’s 50-day moving average price is $6.20 and its 200 day moving average price is $6.33. 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 Announces Dividend

The business also recently declared 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 6.49%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors have recently added to or reduced their stakes in GRNT. Dimensional Fund Advisors LP acquired a new position in Granite Ridge Resources during the 2nd quarter worth approximately $2,891,000. Silvercrest Asset Management Group LLC increased its position in Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after purchasing an additional 406,500 shares during the period. AQR Capital Management LLC increased its position in Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares during the period. American Century Companies Inc. increased its position in Granite Ridge Resources by 35.8% during the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after purchasing an additional 357,705 shares during the period. Finally, Geode Capital Management LLC increased its position in Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

Separately, Evercore ISI reduced their target price on 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.

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.