Luke C. Brandenberg Acquires 8,495 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg bought 8,495 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was bought at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the purchase, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $6.10 on Friday. The stock’s fifty day moving average is $6.25 and its 200-day moving average is $6.31. The firm has a market capitalization of $797.51 million, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 7.21%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s payout ratio is currently 122.23%.

Wall Street Analyst Weigh In

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.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GRNT. Dimensional Fund Advisors LP acquired a new position in Granite Ridge Resources during the second quarter worth about $2,891,000. AQR Capital Management LLC grew its holdings in Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after acquiring an additional 393,787 shares during the period. American Century Companies Inc. grew its holdings in Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after acquiring an additional 357,705 shares during the period. Geode Capital Management LLC grew its holdings 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 worth $7,258,000 after acquiring an additional 317,303 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after acquiring an additional 141,634 shares during the period. 31.56% of the stock is owned by institutional investors and hedge funds.

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.