On November 20, 2024, Matthew Miller, a Director at Granite Ridge Resources Inc (GRNT, Financial), purchased 18,173 shares of the company, according to a SEC Filing. Following this transaction, the insider now owns a total of 711,164 shares of the company.
Granite Ridge Resources Inc is engaged in the exploration and production of oil and natural gas. The company focuses on acquiring and developing oil and gas properties in the United States.
The recent purchase by Matthew Miller is part of a broader trend of insider buying at Granite Ridge Resources Inc. Over the past year, there have been 41 insider buys and no insider sells, indicating a positive sentiment among insiders regarding the company's prospects.
In terms of valuation, shares of Granite Ridge Resources Inc were trading at $6.49 each on the day of the insider's purchase. This price gives the stock a market cap of $867.487 million. The company's price-earnings ratio stands at 18.43, which is higher than the industry median of 11.7 and also higher than the company's historical median price-earnings ratio.
Over the past year, Matthew Miller has purchased a total of 60,289 shares and has not sold any shares, reflecting a consistent pattern of investment in the company.
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