Matthew Reade Miller, serving as a director at Granite Ridge Resources, Inc. (NASDAQ:GRNT), has recently completed a direct acquisition of company equity. The transaction, which was formally reported on June 9, 2026, involved the purchase of common stock with a total value of $50,350. Mr. Miller acquired a total of 10,600 shares at a price of $4.75 per share. Following this direct acquisition, Mr. Miller now holds 1,360,813 shares of Granite Ridge Resources common stock.
The insider purchase comes as the stock trades below its InvestingPro Fair Value, suggesting the shares may be undervalued at current levels. The company offers investors a notable 9% dividend yield, though it remains unprofitable over the last twelve months. Analysts forecast a return to profitability this year. For deeper insights, including 6 additional ProTips, visit the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Granite Ridge Resources reported strong financial results for the first quarter of 2026. The company saw total revenues rise to $128.3 million, a 4.3% increase from the previous year, primarily driven by robust performance in its oil segment. This growth occurred despite facing challenges with natural gas pricing. Additionally, shareholders approved amendments to the company’s 2022 Omnibus Incentive Plan during the annual meeting. The amendment increases the number of shares available for issuance by 2,500,000 and extends the plan’s term by two years, now lasting until October 24, 2034. Shareholders also elected three directors as part of the meeting’s agenda. These developments reflect the company’s ongoing efforts to strengthen its financial and governance structures.