Matthew Miller, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), has acquired additional company stock, according to a recent SEC filing. On December 16, Miller purchased 506 shares of Granite Ridge Resources at a price of $6.03 per share, totaling approximately $3,051. According to InvestingPro analysis, the stock appears slightly undervalued at current levels, with analyst price targets ranging from $7.00 to $8.80. This acquisition was made through an automatic dividend reinvestment plan, as noted in the filing. The company currently offers an attractive 7.3% dividend yield, and InvestingPro data shows the stock trades with notably low volatility (Beta: 0.21). Following this transaction, Miller's direct ownership of Granite Ridge Resources stock increased to 1,229,953 shares. InvestingPro subscribers can access 6 additional key insights about GRNT, including detailed financial health metrics and comprehensive valuation analysis.
In other recent news, Granite Ridge Resources outperformed its Q3 targets and is optimistic about its 2025 outlook. The firm's Controlled Capital program was a significant contributor to this success, with production surpassing targets and capital expenditures under budget. The company's production exceeded targets by 15%, while capital expenditures were 15% under budget. Furthermore, the company's average daily production increased by 9% from Q2, resulting in a net income of $9.1 million.
Granite Ridge Resources also announced plans for over 40 net locations in the Permian for development in the coming years. The company closed more than a dozen transactions in Q3, adding nearly 16 net locations. Moreover, Granite Ridge Resources is exploring Controlled Capital partnerships in the Bakken and Eagle Ford (NYSE:F) basins.
These recent developments indicate that the company is well-positioned for future growth. The firm anticipates double-digit production growth in 2025, primarily driven by its Controlled Capital initiatives. Nevertheless, the company's Proved Developed Producing decline rate has increased to around 40%, making gas-weighted opportunities, particularly in the Bakken and Eagle Ford basins, more challenging.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.