Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Acquires $16,425.00 in 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 shares were purchased at an average cost of $6.57 per share, for a total transaction of $16,425.00. Following the completion of the purchase, the chief executive officer now owns 99,133 shares in the company, valued at approximately $651,303.81. This trade represents a 2.59 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Granite Ridge Resources Stock Up 0.5 %

GRNT stock opened at $6.56 on Thursday. The company has a 50 day moving average of $6.21 and a two-hundred day moving average of $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, Inc. has a 12-month low of $5.20 and a 12-month high of $7.10. The company has a market cap of $857.00 million, a price-to-earnings ratio of 18.21, a PEG ratio of 1.76 and a beta of 0.19.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 6.71%. Granite Ridge Resources’s payout ratio is 122.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Granite Ridge Resources by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock valued at $10,943,000 after buying an additional 47,182 shares during the last quarter. American Century Companies Inc. lifted its stake in Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after acquiring an additional 357,705 shares during the last quarter. Bank of New York Mellon Corp grew its position in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 last quarter. Finally, AQR Capital Management LLC raised its holdings 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 purchasing an additional 393,787 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Evercore ISI lowered their price target 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.

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.