Luke C. Brandenberg Purchases 2,500 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Luke C. Brandenberg acquired 2,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were bought at an average cost of $6.57 per share, with a total value of $16,425.00. Following the acquisition, 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Granite Ridge Resources Price Performance

GRNT stock opened at $6.55 on Friday. The stock has a market cap of $856.35 million, a PE ratio of 18.19, a P/E/G ratio of 1.73 and a beta of 0.19. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10. The company has a 50-day moving average price of $6.22 and a 200 day moving average price of $6.33. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 annualized dividend and a dividend yield of 6.72%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Analysts Set New Price Targets

Separately, Evercore ISI decreased 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 research report on Monday, September 30th.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC grew its position in Granite Ridge Resources by 4,228.0% in 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 shares of Granite Ridge Resources during the third quarter valued at $66,000. nVerses Capital LLC bought a new position in shares of Granite Ridge Resources in the second quarter worth about $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Granite Ridge Resources by 20.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after buying an additional 2,709 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares in the last quarter. 31.56% of the stock is currently owned by hedge funds and other 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.