Granite Ridge Resources, Inc.'s (NYSE:GRNT) Chief Financial Officer, Tyler Farquharson, recently purchased shares in the company, according to a new regulatory filing. Farquharson acquired 5,000 shares of common stock, investing a total of $31,000. The transaction took place on March 15, with prices ranging from $6.18 to $6.22 per share, averaging out at $6.20.
Investors often monitor insider transactions as they can provide insights into how the company's executives view the stock's value and prospects. Farquharson's purchase might be interpreted as a positive signal about the company's future performance.
Following the acquisition, the CFO now owns a total of 68,037 shares in the energy and transportation company. This transaction comes as part of the regular reporting that insiders must file to disclose their trades in the company's securities.
Granite Ridge Resources, based in Dallas, Texas, operates in the crude petroleum and natural gas industry. The company's stock is listed on the New York Stock Exchange under the ticker symbol GRNT. As with any insider transaction, the details of the purchase, including the number of shares bought at specific prices, are available upon request to the SEC, the issuer, or any security holder of the issuer.
InvestingPro Insights
Granite Ridge Resources, Inc. (NYSE:GRNT) has been the subject of recent interest following insider transactions by its CFO, Tyler Farquharson. In light of these developments, key metrics from InvestingPro provide additional context for investors considering the company's financial health and market performance.
With a market capitalization of $810.09 million, Granite Ridge Resources presents a certain scale in the crude petroleum and natural gas industry. The company's P/E ratio stands at 10.17, which, when adjusted for the last twelve months as of Q4 2023, is even more appealing at 7.85. This suggests a potentially undervalued stock relative to earnings, particularly when considering the InvestingPro Tips that highlight the company's expectation to be profitable this year and its history of profitability over the last twelve months.
The dividend yield of 7.09% is significant and should catch the eye of income-focused investors, particularly as the company has demonstrated a strong dividend growth rate of 37.5% over the last twelve months. This InvestingPro Tip aligns with the CFO's recent share purchase, potentially indicating a confidence in the company's ability to continue rewarding shareholders.
Despite a decline in revenue growth by -21.54% over the last twelve months, the company's gross profit margin remains high at 82.85%, suggesting efficient operations and strong pricing power. Investors should also note the solid operating income margin of 38.63%, reflecting a robust financial position.
For investors seeking additional insights and tips, there are more available on InvestingPro, including details on stock volatility, liquidity, and debt levels. To access these insights and more, consider visiting https://www.investing.com/pro/GRNT. Additionally, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering you a comprehensive investment toolset.
Remember, there are a total of 7 additional InvestingPro Tips available for Granite Ridge Resources, Inc., which could further inform your investment decisions.
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