Michele J. Everard, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), recently acquired additional shares of the company. According to a filing with the Securities and Exchange Commission, Everard purchased 1,000 shares of common stock on November 18, 2024, at a price of $6.51 per share. This transaction amounted to a total value of $6,510.
Following this acquisition, Everard's direct ownership in the company increased to 36,839 shares. The transaction reflects Everard's continued investment in Granite Ridge Resources, which is involved in the crude petroleum and natural gas industry.
In other recent news, Granite Ridge Resources reported exceeding its third-quarter targets, with production surpassing expectations and capital expenditures under budget. The company's Controlled Capital program played a significant role in this success. Notably, Granite Ridge's production exceeded targets by 15%, and capital expenditures were 15% under the budget. Additionally, the company closed over a dozen transactions, increasing net locations and boosting average daily production by 9% from the second quarter.
In terms of future developments, Granite Ridge has plans for significant production increases in 2025, with a focus on expanding its Controlled Capital initiatives. Over 40 net locations in the Permian are set for development in the next two to three years. Also, the company is exploring Controlled Capital partnerships in the Bakken and Eagle Ford (NYSE:F) basins. However, the company noted that the current economics make gas-weighted opportunities, particularly in these basins, more challenging.
Despite this, Granite Ridge remains optimistic, anticipating double-digit production growth in 2025, primarily from Controlled Capital initiatives. The company's strategy aims to stabilize production over time using higher working interest wells. Investors can expect formal guidance for 2025 in the next earnings call. These are among the recent developments for Granite Ridge Resources.
InvestingPro Insights
Michele J. Everard's recent purchase of Granite Ridge Resources (NYSE:GRNT) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading at $6.50, which is 91.55% of its 52-week high, suggesting potential upside. This is further supported by an InvestingPro Tip indicating that analysts predict the company will be profitable this year.
Granite Ridge Resources boasts a robust financial position, with an InvestingPro Tip noting that its liquid assets exceed short-term obligations. This financial stability is complemented by the company's moderate debt level, which provides flexibility in its operations and potential for future growth.
The company's valuation metrics are also noteworthy. With a P/E ratio of 17.78 and an adjusted P/E ratio of 9.75 for the last twelve months, GRNT appears to be trading at a reasonable valuation relative to its earnings. Additionally, the company offers an attractive dividend yield of 6.77%, which may appeal to income-focused investors.
For those interested in a deeper analysis, InvestingPro offers 5 additional tips for Granite Ridge Resources, providing a more comprehensive view of the company's prospects and potential risks.
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