Matthew Reade Miller, Director of Granite Ridge Resources, Inc. (NYSE: GRNT), recently purchased 41,000 shares of the company's common stock. The company, which offers a notable dividend yield of 7.05%, maintains strong financial health according to InvestPro analysis. The transaction, executed on December 6, 2024, was completed at a weighted average price of $6.10 per share, with prices ranging from $6.05 to $6.12. This acquisition represents a total investment of approximately $250,099. Following this purchase, Miller owns a total of 772,491 shares of Granite Ridge Resources. According to InvestPro According to the analysis, the stock trades with relatively low volatility, with a beta of 0.21, and is currently near its fair value estimate. Find out more information and 6 additional ProTips for GRNT in the full report from Pro Research.
Additionally, Granite Ridge Resources outperformed internal expectations in the third quarter, with production exceeding targets and capital expenditures below budget. The company's controlled capital program played a significant role in this success. The third quarter also saw the closing of more than a dozen deals, adding nearly 16 net locations and a 9% increase in average daily production compared to the second quarter.
Granite Ridge production exceeded targets by 15%, while capital expenditures were 15% below budget. The company reaffirmed its annual production guidance and announced a cash dividend of $0.11 per share. Plans are underway to develop more than 40 net locations in the Permian over the next two to three years.
Looking ahead, Granite Ridge Resources forecasts double-digit production growth in 2025, with equity-controlled partnerships expected to drive significant production growth, particularly in oil. The company is also exploring controlled-equity partnerships in the Bakken and Eagle Ford (NYSE:) basins. Formal guidance for 2025 will be provided in the next earnings call. These are among the recent developments at Granite Ridge Resources.
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