Two Sigma Investments LP Sells 26,348 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Two Sigma Investments LP lessened its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 7.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 319,743 shares of the company’s stock after selling 26,348 shares during the quarter. Two Sigma Investments LP owned 0.24% of Granite Ridge Resources worth $2,066,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GRNT. Quantbot Technologies LP grew its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after acquiring an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at about $62,000. KLP Kapitalforvaltning AS acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at about $68,000. One68 Global Capital LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at about $71,000. Finally, Belvedere Trading LLC acquired a new position in shares of Granite Ridge Resources in the fourth quarter valued at about $75,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wall Street Zen upgraded shares of Granite Ridge Resources from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. 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. Finally, Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.33.

Granite Ridge Resources Trading Down 3.3%

GRNT opened at $5.64 on Monday. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.10. The company has a 50-day simple moving average of $5.29 and a 200 day simple moving average of $5.90. 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 stock has a market capitalization of $738.95 million, a price-to-earnings ratio of 15.65, a P/E/G ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $122.93 million during the quarter, compared to analysts’ expectations of $115.30 million. Analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.81%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 488.89%.

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg bought 18,252 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $5.55 per share, with a total value of $101,298.60. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders purchased 19,814 shares of company stock valued at $110,071. 8.50% of the stock is currently owned by insiders.

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.