On November 26, 2024, Luke Brandenberg, President and Chief Executive Officer of Granite Ridge Resources Inc, purchased 2,500 shares of the company (symbol: GRNT). Following this transaction, the insider now owns a total of 99,133 shares of the company. The purchase was documented in a SEC Filing.
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 insider's recent acquisition is part of a broader trend of insider buying within the company. Over the past year, Luke Brandenberg has purchased a total of 27,500 shares and has not sold any shares. The overall insider transaction history for Granite Ridge Resources Inc shows 42 insider buys and no insider sells over the past year.
On the day of the recent purchase, shares of Granite Ridge Resources Inc were trading at $6.57 each, resulting in a market cap of $864.215 million. The company's price-earnings ratio stands at 18.36, which is higher than the industry median of 11.8 and also higher than the company’s historical median price-earnings ratio.
This insider buying activity may be of interest to investors who follow insider trends as a potential indicator of a company's future performance.
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