First Trust Advisors LP Raises Stock Holdings in Granite Ridge Resources, Inc. $GRNT

First Trust Advisors LP raised its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 47.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 366,573 shares of the company’s stock after purchasing an additional 117,451 shares during the period. First Trust Advisors LP’s holdings in Granite Ridge Resources were worth $2,152,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GRNT. Bank of America Corp DE increased its position in shares of Granite Ridge Resources by 5,859.1% in the second quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after buying an additional 4,449,582 shares in the last quarter. Zazove Associates LLC purchased a new position in shares of Granite Ridge Resources during the 4th quarter valued at approximately $3,210,000. Dimensional Fund Advisors LP grew its stake in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after acquiring an additional 448,066 shares during the period. Goldman Sachs Group Inc. grew its stake in Granite Ridge Resources by 115.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock valued at $3,890,000 after acquiring an additional 442,900 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Granite Ridge Resources in the 4th quarter worth $1,495,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $4.87 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50 day simple moving average is $4.67 and its 200-day simple moving average is $5.08. The company has a market cap of $642.75 million, a PE ratio of -23.20 and a beta of 0.20. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%.The firm had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. As a group, equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.41 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 9.0%. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Tyler Farquharson bought 10,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the transaction, the chief executive officer directly owned 344,743 shares of the company’s stock, valued at approximately $1,775,426.45. This represents a 2.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Reade Miller purchased 10,600 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 148,780 shares of company stock worth $798,208 over the last three months. 8.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GRNT has been the subject of a number of research analyst reports. Stephens reduced their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Weiss Ratings lowered shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Northland Securities started coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 target price on the stock. Wall Street Zen cut shares of Granite Ridge Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Zacks Research downgraded shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Granite Ridge Resources presently has an average rating of “Hold” and an average target price of $10.00.

Granite Ridge Resources Profile

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.