Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Buys $16,425.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg purchased 2,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were acquired at an average price of $6.57 per share, for a total transaction of $16,425.00. Following the purchase, the chief executive officer now directly owns 99,133 shares in the company, valued at approximately $651,303.81. The trade was a 2.59 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Granite Ridge Resources Trading Up 0.4 %

GRNT stock opened at $6.47 on Friday. The company has a market capitalization of $845.23 million, a price-to-earnings ratio of 18.19, a PEG ratio of 1.73 and a beta of 0.19. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10. The business has a 50 day simple moving average of $6.22 and a two-hundred day simple moving average of $6.34.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.81%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s payout ratio is currently 122.23%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GRNT. CWM LLC boosted its position in shares of Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in Granite Ridge Resources during the third quarter valued at $66,000. nVerses Capital LLC purchased a new stake in Granite Ridge Resources during the second quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after buying an additional 7,965 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Evercore ISI decreased 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.

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.