Darden (NYSE:DRI) Thaddeus, a director at Granite Ridge Resources, Inc. (NYSE:GRNT), recently acquired a notable amount of the company's stock. According to a recent SEC filing, Thaddeus purchased 9,440 shares of Granite Ridge's common stock. The company, currently valued at approximately $813 million, maintains a strong financial health rating according to InvestingPro analysis. The transactions were executed at a weighted average price of $6.13 per share, amounting to a total purchase value of $57,867. After this acquisition, Thaddeus directly owns 230,596 shares of the company. Additionally, he holds an indirect interest in 37,584 shares through Monticello Avenue LLC. The stock, which offers an attractive 7.1% dividend yield, appears fairly valued based on InvestingPro Fair Value metrics. InvestingPro analysts note the stock's historically low volatility, with five additional key insights available to subscribers.
In other recent news, Granite Ridge Resources has reported a robust performance in its third-quarter earnings call, exceeding internal expectations. The company's Controlled Capital program played a significant role in this success, with production surpassing targets and capital expenditures falling under budget. The firm's production exceeded targets by 15%, and capital expenditures were 15% below budget.
Recent developments include the closure of over a dozen transactions, adding nearly 16 net locations, and a 9% increase in the company's average daily production from the second quarter, resulting in a net income of $9.1 million. Granite Ridge Resources also reaffirmed its annual production guidance and announced a cash dividend of $0.11 per share.
Looking ahead, the company anticipates double-digit production growth in 2025, primarily driven by its Controlled Capital initiatives. Granite Ridge Resources is also exploring partnerships in the Bakken and Eagle Ford (NYSE:F) basins. However, it's worth noting that the firm's Proved Developed Producing decline rate has increased to around 40%, making gas-weighted opportunities more challenging. The official guidance for 2025 will be provided in the next earnings call.
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