John McCartney, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), recently acquired additional shares in the company. According to a filing with the Securities and Exchange Commission, McCartney purchased 1,000 shares of common stock on December 5, 2024, at a price of $6.24 per share. This transaction totaled $6,240. The purchase price sits slightly below InvestingPro's Fair Value estimate, suggesting potential upside in the stock, which currently offers an attractive 7% dividend yield. Following this acquisition, McCartney now holds 50,839 shares directly. This move comes as part of McCartney's ongoing investment in the crude petroleum and natural gas company based in Dallas, Texas. With a market capitalization of $796 million and notably low price volatility (Beta: 0.21), Granite Ridge maintains strong financial health according to InvestingPro metrics, which reveal 6 additional key insights available to subscribers.
In other recent news, Granite Ridge Resources demonstrated a robust performance in its Q3 earnings call, exceeding its internal targets. The company's Controlled Capital program was a significant contributor to this success, with production surpassing targets and capital expenditures coming in under budget. Notably, Granite Ridge's production exceeded targets by 15%, and CapEx was 15% under budget.
The company is also planning to develop over 40 net locations in the Permian in the next two to three years. The third quarter saw the closure of over a dozen transactions, adding nearly 16 net locations and increasing the company's average daily production by 9% from Q2.
In addition to these developments, Granite Ridge reaffirmed its annual production guidance and announced a cash dividend of $0.11 per share. The company is expected to experience significant production growth in 2025, driven by its Controlled Capital initiatives. Investors may find it noteworthy that Granite Ridge is 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.
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