Price T Rowe Associates Inc. MD Has $127,000 Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Price T Rowe Associates Inc. MD increased its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 16.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,599 shares of the company’s stock after purchasing an additional 2,759 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Granite Ridge Resources were worth $127,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in GRNT. Grey Rock Energy Management LLC bought a new position in Granite Ridge Resources during the fourth quarter valued at approximately $357,018,000. Spider Management Company LLC raised its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after acquiring an additional 872,282 shares in the last quarter. Vanguard Group Inc. raised its position in Granite Ridge Resources by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock valued at $27,353,000 after acquiring an additional 418,059 shares in the last quarter. American Century Companies Inc. raised its position in Granite Ridge Resources by 16.0% during the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company’s stock valued at $13,282,000 after acquiring an additional 282,912 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Granite Ridge Resources by 45.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock valued at $9,432,000 after acquiring an additional 454,071 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Luke C. Brandenberg bought 18,252 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average price of $5.55 per share, with a total value of $101,298.60. Following the completion of the transaction, the chief executive officer now owns 151,167 shares of the company’s stock, valued at $838,976.85. The trade was a 13.73% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 19,814 shares of company stock valued at $110,071 over the last 90 days. 8.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GRNT has been the topic of several recent research reports. Stephens reaffirmed an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st.

Granite Ridge Resources Trading Up 1.8%

NYSE:GRNT opened at $5.67 on Friday. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.10. The firm has a market cap of $743.54 million, a price-to-earnings ratio of 15.75, a P/E/G ratio of 1.29 and a beta of 0.23. 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’s 50 day moving average is $5.35 and its 200-day moving average is $5.95.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. The company had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. Equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.76%. The ex-dividend date of this dividend is Friday, May 30th. Granite Ridge Resources’s dividend payout ratio is 488.89%.

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.