Granite Ridge Resources, Inc. (NYSE:GRNT) director Matthew Reade Miller has purchased additional shares of the company, according to a recent filing with the Securities and Exchange Commission. On June 3, 2024, Miller acquired 7,700 shares of Granite Ridge Resources at a price of $6.50 per share, totaling an investment of $50,050.
This transaction has increased Miller's direct ownership in the company to 666,075 shares of common stock. The purchase reflects a vote of confidence in the energy company, which operates within the crude petroleum and natural gas industry. Granite Ridge Resources, headquartered in Dallas, Texas, has been navigating the dynamic energy market and this insider buy may signal a positive outlook from its board member.
Investors often monitor insider transactions as they can provide insights into how the company's leadership perceives the firm's value and prospects. While insider buying does not guarantee future stock performance, it can be a piece of the puzzle when evaluating investment opportunities.
Granite Ridge Resources has not released any public statements regarding this recent transaction by Director Miller. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol GRNT.
InvestingPro Insights
Granite Ridge Resources, Inc. (NYSE:GRNT) has recently been in the spotlight due to a notable insider share purchase by director Matthew Reade Miller. To provide investors with a deeper understanding of the company’s financial health and market position, we turn to real-time data and insights from InvestingPro. With a market capitalization of $821.07 million and a price-to-earnings (P/E) ratio of 13.85, Granite Ridge Resources presents itself as a company with a solid valuation in the market. Adjusted metrics from the last twelve months as of Q1 2024 indicate a more attractive P/E ratio of 10.71.
From the InvestingPro Tips, two key points stand out for Granite Ridge Resources: the company is expected to be profitable this year, and it has been profitable over the last twelve months. Additionally, the company operates with a moderate level of debt and has liquid assets that exceed short-term obligations. These factors may contribute to the confidence displayed by Director Miller in his recent share acquisition.
InvestingPro also provides valuable data on the company's dividend yield, which as of the latest data stands at an appealing 6.71%, with the ex-date of the last dividend being May 31, 2024. This could be of interest to income-focused investors considering the stock's potential for dividend earnings. Moreover, the stock has experienced a one-year price total return of 18.26%, indicating a strong performance over the past year.
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