In a recent move that signals confidence in Granite Ridge Resources, Inc. (NYSE:GRNT), Director Matthew Reade Miller has purchased shares of the company worth a total of $30,413. The transactions, which took place on March 14 and March 15, involved buying shares at prices ranging from $6.20 to $6.22.
On the first day, Miller acquired 3,250 shares at $6.20 per share, followed by an additional 1,650 shares the next day at $6.22 per share. These recent purchases by the director have increased his total holdings in the company to 634,057 shares. It's worth noting that this total includes 1,211 shares that were automatically reinvested as dividends according to the terms of a brokerage account.
Granite Ridge Resources, based in Dallas, Texas, operates within the crude petroleum and natural gas industry. The company's stock transactions by insiders are closely watched by investors, as they can provide insights into the executives' perspective on the company's future prospects.
The transactions were disclosed in a regulatory filing with the Securities and Exchange Commission, with the signature of Emily Fuquay, acting by power of attorney for Matthew R. Miller, dated March 18. The document confirms Miller's direct ownership of the shares following the transactions.
Investors often look to such insider buying as a positive sign that company executives are bullish on their company's current valuation and future performance. Granite Ridge Resources' latest insider transactions may thus be an encouraging sign for shareholders and potential investors.
InvestingPro Insights
In the wake of Director Matthew Reade Miller's recent share purchases in Granite Ridge Resources, Inc. (NYSE:GRNT), a closer look at the company through InvestingPro data and tips offers additional context for investors considering the stock. With a market capitalization of $810.09M and a Price/Earnings (P/E) ratio of 10.17, the company presents an interesting valuation case. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at 7.85, indicating a potentially more attractive valuation when considering the company's earnings over the past year.
Granite Ridge Resources has also demonstrated a strong gross profit margin of 82.85% in the same period, underscoring its ability to maintain profitability. This is further supported by the company's return on assets, which is a healthy 9.42%. Additionally, for those investors interested in income-generating stocks, an InvestingPro Tip highlights that Granite Ridge pays a significant dividend, with a current yield of 7.04% and a dividend growth of 37.5% in the last twelve months as of Q4 2023.
Another InvestingPro Tip that might resonate with risk-averse investors is the stock's low price volatility, coupled with the fact that the company's liquid assets exceed its short-term obligations. This suggests a level of financial stability that might appeal to those seeking less turbulent investment waters.
For readers interested in a deeper dive into Granite Ridge Resources' performance and additional insights, InvestingPro offers even more tips. In fact, there are a total of 7 InvestingPro Tips available, which can be found by visiting https://www.investing.com/pro/GRNT. And remember, by using the coupon code PRONEWS24, you can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing you with an extensive suite of tools to inform your investment decisions.
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