Granite Ridge Resources (NYSE:GRNT) Stock Price Up 3.6%

Shares of Granite Ridge Resources, Inc. (NYSE:GRNT) rose 3.6% during mid-day trading on Tuesday . The stock traded as high as $6.07 and last traded at $6.00. Approximately 176,382 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 194,818 shares. The stock had previously closed at $5.79.

Granite Ridge Resources Trading Up 6.0 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.97 and a quick ratio of 1.97. The firm has a 50-day moving average of $7.20 and a 200-day moving average of $6.37.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 10th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The business had revenue of $87.56 million for the quarter. Granite Ridge Resources had a return on equity of 24.71% and a net margin of 37.61%. As a group, analysts forecast that Granite Ridge Resources, Inc. will post 0.93 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, August 31st. This represents a $0.44 dividend on an annualized basis and a yield of 7.17%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, major shareholder Grep Gp Iii, Llc sold 8,165,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $5.00, for a total transaction of $40,825,000.00. Following the completion of the sale, the insider now directly owns 16,800,468 shares in the company, valued at approximately $84,002,340. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Granite Ridge Resources news, major shareholder Grep Gp Iii, Llc sold 8,165,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $5.00, for a total transaction of $40,825,000.00. Following the completion of the sale, the insider now directly owns 16,800,468 shares in the company, valued at approximately $84,002,340. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Luke C. Brandenberg bought 10,000 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were bought at an average price of $5.00 per share, with a total value of $50,000.00. Following the completion of the purchase, the chief executive officer now owns 49,820 shares in the company, valued at approximately $249,100. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System purchased a new stake in shares of Granite Ridge Resources in the 2nd quarter worth $57,000. Wells Fargo & Company MN boosted its holdings in Granite Ridge Resources by 9,620.8% in the 2nd quarter. Wells Fargo & Company MN now owns 9,818 shares of the company’s stock worth $65,000 after buying an additional 9,717 shares during the period. Goldman Sachs Group Inc. bought a new position in Granite Ridge Resources in the 2nd quarter worth $147,000. Beacon Pointe Advisors LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth $68,000. Finally, Ergoteles LLC bought a new position in Granite Ridge Resources in the 2nd quarter worth $120,000. 7.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc is an infrastructure firm and operates as a non-operated oil and gas exploration and production company. The firm invests in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with operators. Granite Ridge Resources, Inc is headquartered in Dallas, Texas.