Insider Buying: Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Buys 2,500 Shares of Stock

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

Granite Ridge Resources Stock Up 1.2 %

Granite Ridge Resources stock traded up $0.08 during mid-day trading on Wednesday, reaching $6.60. The stock had a trading volume of 207,077 shares, compared to its average volume of 434,767. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10. The company has a 50-day moving average price of $6.21 and a two-hundred day moving average price of $6.33. The company has a market capitalization of $862.88 million, a price-to-earnings ratio of 18.11, a PEG ratio of 1.76 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 6.67%. Granite Ridge Resources’s payout ratio is 122.23%.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently bought and sold shares of GRNT. Barclays PLC raised its stake in Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after buying an additional 61,162 shares during the last quarter. Geode Capital Management LLC increased its position in Granite Ridge Resources by 35.1% during the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after acquiring an additional 317,303 shares during the last quarter. State Street Corp lifted its holdings in Granite Ridge Resources by 1.4% in the third quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after acquiring an additional 12,607 shares during the period. Janus Henderson Group PLC boosted its position in Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after purchasing an additional 21,852 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in shares of Granite Ridge Resources during the 3rd quarter valued at about $281,000. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Evercore ISI dropped their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research 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.