Kirk Lazarine Purchases 10,000 Shares of Granite Ridge Resources (NYSE:GRNT) Stock

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) Director Kirk Lazarine acquired 10,000 shares of the business's stock in a transaction that occurred on Friday, November 21st. The stock was purchased at an average cost of $4.97 per share, with a total value of $49,700.00. Following the acquisition, the director directly owned 1,051,997 shares of the company's stock, valued at $5,228,425.09. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.

Granite Ridge Resources Price Performance

NYSE GRNT traded up $0.11 during trading hours on Friday, reaching $5.08. The company's stock had a trading volume of 209,541 shares, compared to its average volume of 534,981. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41. The company's 50-day moving average is $5.34 and its two-hundred day moving average is $5.51. The firm has a market capitalization of $666.09 million, a price-to-earnings ratio of 18.16, a P/E/G ratio of 1.93 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its earnings results on Monday, September 11th. The company reported $0.61 earnings per share (EPS) for the quarter. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The business had revenue of $150.27 million for the quarter. On average, equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a $0.11 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.7%. Granite Ridge Resources's dividend payout ratio is currently 157.14%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Zacks Research cut Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 22nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Granite Ridge Resources currently has an average rating of "Hold" and an average target price of $8.00.

Check Out Our Latest Stock Analysis on GRNT

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently made changes to their positions in GRNT. Bank of America Corp DE boosted its holdings in Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock valued at $28,828,000 after acquiring an additional 4,449,582 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Granite Ridge Resources by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company's stock valued at $24,197,000 after purchasing an additional 282,132 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Granite Ridge Resources by 12.9% during the 3rd quarter. American Century Companies Inc. now owns 2,661,098 shares of the company's stock worth $14,397,000 after purchasing an additional 303,059 shares during the period. Dimensional Fund Advisors LP increased its position in Granite Ridge Resources by 11.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,582,366 shares of the company's stock worth $13,972,000 after purchasing an additional 265,080 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Granite Ridge Resources by 2.0% in the second quarter. Geode Capital Management LLC now owns 1,297,868 shares of the company's stock valued at $8,269,000 after buying an additional 25,846 shares during the period. 31.56% of the stock is currently 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.

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