Wells Fargo & Company MN Boosts Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Wells Fargo & Company MN boosted its stake in Granite Ridge Resources, Inc. (NYSE:GRNT) by 304.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,703 shares of the company’s stock after acquiring an additional 73,531 shares during the period. Wells Fargo & Company MN owned about 0.07% of Granite Ridge Resources worth $631,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Barclays PLC boosted its stake in Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company’s stock worth $482,000 after purchasing an additional 61,162 shares during the period. Geode Capital Management LLC boosted its holdings in Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after purchasing an additional 317,303 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at approximately $870,000. Grey Rock Energy Management LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth $357,018,000. Finally, Spider Management Company LLC raised its position in Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after acquiring an additional 872,282 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on GRNT shares. Stephens reaffirmed an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial downgraded shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Trading Up 3.2 %

Shares of GRNT stock opened at $5.09 on Friday. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week 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 business has a fifty day simple moving average of $5.41 and a 200-day simple moving average of $6.00. The stock has a market cap of $667.48 million, a P/E ratio of 14.14, a P/E/G ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 8.64%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 314.29%.

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.