Granite Ridge Resources director Miller acquires $101,660 in stock

Published 16/06/2025, 16:08
Granite Ridge Resources director Miller acquires $101,660 in stock

Granite Ridge Resources, Inc. (NASDAQ:GRNT), a $798 million market cap energy company with a notable 7.36% dividend yield, saw a significant insider transaction as Director Matthew Reade Miller acquired 17,000 shares of common stock, according to a recent SEC filing. InvestingPro analysis indicates the stock is currently trading slightly below its Fair Value. The transaction, executed on June 16, 2025, involved a purchase at a weighted average price of $5.98 per share, amounting to a total value of approximately $101,660. Following this acquisition, Miller’s direct ownership in the company increased to 1,261,877 shares. The transaction was executed in multiple trades with prices ranging from $5.94 to $6.00. With analyst price targets ranging from $5.50 to $9.00, and several positive indicators including expected net income growth, this insider purchase aligns with the company’s improving outlook. For deeper insights into insider trading patterns and additional ProTips, visit InvestingPro.

In other recent news, Granite Ridge Resources reported a strong performance for the first quarter of 2025, with a significant year-over-year increase in revenue and net income. The company’s total revenue reached $122.9 million, marking a $34 million rise from the previous year, while adjusted net income increased by 89% to $28.9 million. Granite Ridge also achieved a 23% improvement in production rates, with notable increases in both oil and gas volumes. Additionally, the company reaffirmed its operational and financial guidance for 2025, projecting a 16% production growth. In a leadership change, Tyler Farquharson, previously the Chief Financial Officer, has been promoted to President and Chief Executive Officer, replacing Luke Brandenberg. Meanwhile, Kim Weimer has been appointed as Interim Chief Financial Officer. The company also announced the election of Griffin Perry and Amanda Coussens as Class III directors during its Annual Meeting of Stockholders. Furthermore, Forvis Mazars LLP was ratified as the independent registered public accounting firm for the fiscal year.

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