Matthew Reade Miller, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), recently purchased 41,000 shares of the company's common stock. The company, which offers a notable 7.05% dividend yield, maintains strong financial health according to InvestingPro analysis. The transaction, executed on December 6, 2024, was completed at a weighted average price of $6.10 per share, with prices ranging from $6.05 to $6.12. This acquisition amounts to a total investment of approximately $250,099. Following this purchase, Miller holds a total of 772,491 shares in Granite Ridge Resources. According to InvestingPro analysis, the stock trades with relatively low volatility, with a beta of 0.21, and currently sits near its Fair Value estimate. Discover more insights and 6 additional ProTips for GRNT in the comprehensive Pro Research Report.
In other recent news, Granite Ridge Resources outperformed its internal expectations in the third quarter, with production surpassing targets and capital expenditures under budget. The company's Controlled Capital program played a significant role in this success. The third quarter also saw the closure of over a dozen transactions, adding nearly 16 net locations, and a 9% increase in average daily production from Q2.
Granite Ridge's production exceeded targets by 15%, while capital expenditures were 15% under budget. The company reaffirmed its annual production guidance and announced a cash dividend of $0.11 per share. Plans are underway to develop over 40 net locations in the Permian in the next two to three years.
Looking forward, Granite Ridge Resources anticipates double-digit production growth in 2025, with Controlled Capital partnerships expected to drive significant production growth, particularly in oil. The company is also exploring Controlled Capital partnerships in the Bakken and Eagle Ford (NYSE:F) basins. Formal guidance for 2025 will be provided in the next earnings call. These are among the recent developments at Granite Ridge Resources.
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