Matthew Reade Miller, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), recently acquired 20,327 shares of the company's common stock. The transaction, executed on November 21, 2024, was carried out at an average price of $6.60 per share, resulting in a total purchase value of approximately $134,158.
Following this acquisition, Miller's total direct ownership in Granite Ridge Resources stands at 731,491 shares. The transaction was completed in multiple trades, with prices ranging from $6.59 to $6.63 per share.
In other recent news, Granite Ridge Resources has outperformed in its third-quarter earnings, surpassing internal targets. The company's Controlled Capital program played a significant role in this achievement, with production exceeding expectations and capital expenditures falling below budget. The company anticipates substantial growth, with a significant boost in production expected in 2025 and a firm commitment to extend its Controlled Capital initiatives.
Granite Ridge's production surpassed targets by 15%, while capital expenditures were 15% under budget. The company wrapped up over a dozen transactions in Q3, adding nearly 16 net locations. Its average daily production rose by 9% from Q2, with a net income of $9.1 million. Granite Ridge confirmed its annual production guidance and a cash dividend of $0.11 per share.
The company anticipates double-digit production growth in 2025, with formal guidance for 2025 to be provided in the next earnings call. Granite Ridge is exploring Controlled Capital partnerships in the Bakken and Eagle Ford (NYSE:F) basins. However, the Proved Developed Producing decline rate has increased to around 40%, making gas-weighted opportunities in these basins more challenging. Despite this, significant production growth is expected in the first quarter of 2025, primarily from Controlled Capital initiatives. These are recent developments in the company's operations.
InvestingPro Insights
Matthew Reade Miller's recent acquisition of Granite Ridge Resources (NYSE:GRNT) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading near its 52-week high, with a price at 93.15% of its peak, suggesting strong market confidence. This momentum is further reflected in the company's year-to-date price total return of 14.04%.
Granite Ridge Resources boasts a healthy financial position, with liquid assets exceeding short-term obligations, as noted in one of the InvestingPro Tips. This financial stability is complemented by the company's moderate debt level, which may provide flexibility for future growth or weathering market uncertainties.
Investors may find GRNT's dividend yield of 6.75% particularly attractive, especially considering the company's profitability over the last twelve months. The P/E ratio (adjusted) of 9.93 for the last twelve months as of Q3 2024 suggests that the stock may be undervalued relative to its earnings, potentially indicating a good entry point for investors like Miller.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights on Granite Ridge Resources. Currently, there are 6 additional InvestingPro Tips available for GRNT, providing a deeper understanding of the company's financial health and market position.
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