Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Bought by Deutsche Bank AG

Deutsche Bank AG raised its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 37.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 33,212 shares of the company’s stock after acquiring an additional 9,055 shares during the period. Deutsche Bank AG’s holdings in Granite Ridge Resources were worth $215,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. increased its holdings in shares of Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock valued at $116,000 after purchasing an additional 2,735 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Granite Ridge Resources by 16.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock valued at $127,000 after purchasing an additional 2,759 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after purchasing an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $62,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $68,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GRNT shares. 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. Wall Street Zen upgraded shares of Granite Ridge Resources from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Stephens reiterated an “overweight” rating and issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.33.

Insider Buying and Selling at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 18,252 shares of the stock in a transaction dated Thursday, May 15th. The stock was acquired at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the completion of the acquisition, the chief executive officer now directly owns 151,167 shares in the company, valued at $838,976.85. This represents a 13.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders acquired 19,814 shares of company stock worth $110,071. 8.50% of the stock is owned by corporate insiders.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $5.69 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $5.28 and a two-hundred day moving average price of $5.90. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.10. The company has a market capitalization of $745.50 million, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, beating 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 firm had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. As a group, research analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 annualized dividend and a yield of 7.74%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 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.