DALLAS—Luke C. Brandenberg, the President and CEO of Granite Ridge Resources, Inc. (NYSE:GRNT), recently made significant stock purchases, according to a recent SEC filing. On December 11 and 12, Brandenberg acquired a total of 10,000 shares of the company's common stock. The transactions were executed at prices ranging from $6.07 to $6.10 per share, amounting to a total value of $60,954. According to InvestingPro data, the company maintains strong fundamentals with a healthy 82.6% gross profit margin and operates with moderate debt levels.
Following these transactions, Brandenberg's direct ownership in the company increased to 110,633 shares. This move reflects a continued commitment to Granite Ridge Resources, a company engaged in crude petroleum and natural gas operations. The stock currently offers a notable 7.2% dividend yield, and analysts have set price targets ranging from $7.00 to $8.80.
Investors often watch insider transactions like these closely, as they can indicate the executive's confidence in the company's future performance. InvestingPro analysis suggests the stock is slightly undervalued, with additional insights and detailed insider trading patterns available to subscribers.
In other recent news, Granite Ridge Resources has reported exceeding its Q3 targets and holds an optimistic outlook for 2025. The company's successful third quarter was largely due to its Controlled Capital program, which resulted in production surpassing targets and capital expenditures coming in under budget. The production exceeded targets by 15%, and capital expenditures were 15% under budget. Additionally, Granite Ridge's average daily production increased by 9% from Q2, with net income reported at $9.1 million.
In terms of future developments, Granite Ridge plans to develop over 40 net locations in the Permian in the next two to three years. The company also anticipates significant production increases in 2025, primarily driven by its Controlled Capital initiatives. However, it's important to note that the company's Proved Developed Producing decline rate has increased to around 40%.
Granite Ridge is also exploring Controlled Capital partnerships in the Bakken and Eagle Ford (NYSE:F) basins, despite current economics making gas-weighted opportunities more challenging in these areas. Investors will be watching closely as the company continues its strategic use of Controlled Capital and partnerships in key oil-rich basins to maximize returns.
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