Granite Ridge Resources, Inc. (NYSE:GRNT) CEO Purchases $32,500.00 in Stock

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) CEO Luke C. Brandenberg acquired 5,000 shares of the company's stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the completion of the acquisition, the chief executive officer now owns 96,633 shares of the company's stock, valued at $628,114.50. This trade represents a 5.46 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Granite Ridge Resources Price Performance

NYSE:GRNT traded up $0.20 during trading hours on Monday, hitting $6.60. 746,786 shares of the stock were exchanged, compared to its average volume of 430,795. The firm's fifty day moving average price is $6.15 and its 200 day moving average price is $6.33. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The company has a market cap of $862.88 million, a P/E ratio of 18.33, a P/E/G ratio of 1.68 and a beta of 0.19. 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 company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 6.67%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources's payout ratio is 122.23%.

Analyst Ratings Changes

Separately, Evercore ISI decreased their price objective 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Granite Ridge Resources by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company's stock worth $10,943,000 after buying an additional 47,182 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in shares of Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company's stock worth $10,680,000 after purchasing an additional 406,500 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company's stock valued at $8,591,000 after purchasing an additional 357,705 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Granite Ridge Resources by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company's stock worth $7,810,000 after buying an additional 78,636 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 buying an additional 317,303 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

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.