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

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 2,500 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, November 26th. The stock was purchased at an average cost of $6.57 per share, for a total transaction of $16,425.00. Following the purchase, the chief executive officer now owns 99,133 shares of the company’s stock, valued at $651,303.81. The trade was a 2.59 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Granite Ridge Resources Trading Up 1.2 %

Shares of NYSE:GRNT traded up $0.08 during trading on Wednesday, reaching $6.60. 207,077 shares of the company traded hands, compared to its average volume of 434,767. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The business’s fifty day moving average is $6.21 and its 200-day moving average is $6.33. The firm has a market capitalization of $862.88 million, a price-to-earnings ratio of 18.11, a P/E/G ratio of 1.76 and a beta of 0.19.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Wall Street Analysts Forecast Growth

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 on the stock in a report on Monday, September 30th.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently modified their holdings of GRNT. CWM LLC boosted its stake 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 purchasing an additional 9,978 shares in the last quarter. Ground Swell Capital LLC purchased a new position in shares of Granite Ridge Resources during the 3rd quarter worth approximately $66,000. nVerses Capital LLC purchased a new position in shares of Granite Ridge Resources in the 2nd quarter valued at approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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 in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after purchasing an additional 7,965 shares in the last quarter. 31.56% of the stock is owned by 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.