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On September 11, 2024, Matthew Miller, Director at Granite Ridge Resources Inc (NYSE:GRNT), purchased 8,500 shares of the company. The transaction was documented in an SEC Filing. Following this acquisition, the insider now owns a total of 692,496 shares of Granite Ridge Resources Inc.
Granite Ridge Resources Inc is engaged in the exploration, development, and production of oil and natural gas properties in the United States. The company’s focus is on sustainable and efficient operations that contribute to energy production with a commitment to environmental stewardship.
Over the past year, Matthew Miller has increased his holdings in the company by purchasing a total of 58,905 shares. This recent purchase reflects a continued confidence in the company’s prospects, aligning with the broader trend of insider buying at Granite Ridge Resources Inc. Over the last year, there have been 43 insider buys and only 1 insider sell at the company.
Shares of Granite Ridge Resources Inc were priced at $5.97 on the day of the insider’s recent transaction. The company’s market cap stands at $780.541 million. The price-earnings ratio is currently 14.21, which is above both the industry median of 10.57 and the company’s historical median.
This insider buying activity could be a signal to investors about the potential undervaluation of the company’s shares, as suggested by the GF Value. Investors often look at such insider transactions to gauge whether insiders are bullish or bearish on their company’s stock.
For more detailed information on Granite Ridge Resources Inc’s financial metrics, such as price-sales ratio, price-book ratio, and price-to-free cash flow, investors can explore further on GuruFocus.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.