Geode Capital Management LLC Purchases 317,303 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Geode Capital Management LLC raised its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 35.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,221,579 shares of the company’s stock after purchasing an additional 317,303 shares during the period. Geode Capital Management LLC owned 0.93% of Granite Ridge Resources worth $7,258,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after buying an additional 2,709 shares during the period. Principal Financial Group Inc. raised its position in shares of Granite Ridge Resources by 17.2% during the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after acquiring an additional 3,980 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after purchasing an additional 7,965 shares during the period. Sfmg LLC boosted its position in shares of Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock worth $1,212,000 after purchasing an additional 9,960 shares during the last quarter. Finally, Ground Swell Capital LLC acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $66,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

GRNT opened at $6.65 on Friday. The stock has a market cap of $869.45 million, a P/E ratio of 18.47, a P/E/G ratio of 1.62 and a beta of 0.23. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $6.25 and a 200 day simple moving average of $6.29.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.22%.

Insider Activity

In other news, Director Matthew Reade Miller bought 18,173 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.49 per share, for a total transaction of $117,942.77. Following the acquisition, the director now owns 711,164 shares in the company, valued at approximately $4,615,454.36. This trade represents a 2.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Luke C. Brandenberg purchased 5,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the purchase, the chief executive officer now directly owns 96,633 shares in the company, valued at approximately $628,114.50. This trade represents a 5.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 83,174 shares of company stock worth $520,493 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI cut their target price on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th.

About Granite Ridge Resources

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.