ProShare Advisors LLC Takes $96,000 Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

ProShare Advisors LLC purchased a new stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 14,828 shares of the company’s stock, valued at approximately $96,000.

Several other large investors have also recently modified their holdings of GRNT. Victory Capital Management Inc. increased its position in shares of Granite Ridge Resources by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock worth $116,000 after buying an additional 2,735 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Granite Ridge Resources by 16.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock worth $127,000 after buying an additional 2,759 shares during the period. Quantbot Technologies LP increased its position in shares of Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after buying an additional 7,960 shares during the period. Deutsche Bank AG increased its position in shares of Granite Ridge Resources by 37.5% during the fourth quarter. Deutsche Bank AG now owns 33,212 shares of the company’s stock worth $215,000 after buying an additional 9,055 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Granite Ridge Resources in the fourth quarter worth $62,000. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GRNT. Stephens restated an “overweight” rating and issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. 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, Capital One Financial cut 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 and two have issued a buy rating to the stock. Based on data from MarketBeat, Granite Ridge Resources has a consensus rating of “Hold” and an average price target of $7.33.

Granite Ridge Resources Price Performance

GRNT opened at $5.77 on Wednesday. The company has a market capitalization of $755.99 million, a price-to-earnings ratio of 16.01, a PEG 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 firm has a 50-day moving average price of $5.28 and a 200-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.

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

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed 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 is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.63%. Granite Ridge Resources’s payout ratio is 488.89%.

Insider Transactions at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 18,252 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the acquisition, the chief executive officer now directly owns 151,167 shares of the company’s stock, valued at $838,976.85. This represents a 13.73% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders acquired 23,814 shares of company stock worth $132,951. 8.50% of the stock is currently owned by insiders.

Granite Ridge Resources Company 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.