Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Bought by Parallel Advisors LLC

Parallel Advisors LLC grew its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 222.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 8,722 shares of the company’s stock after acquiring an additional 6,017 shares during the period. Parallel Advisors LLC’s holdings in Granite Ridge Resources were worth $53,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Granite Ridge Resources in the fourth quarter worth $870,000. Deutsche Bank AG boosted its position in shares of Granite Ridge Resources by 37.5% in 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. Wells Fargo & Company MN boosted its position in shares of Granite Ridge Resources by 304.2% in the fourth quarter. Wells Fargo & Company MN now owns 97,703 shares of the company’s stock worth $631,000 after buying an additional 73,531 shares during the period. Grey Rock Energy Management LLC acquired a new stake in shares of Granite Ridge Resources in the fourth quarter worth $357,018,000. Finally, Janus Henderson Group PLC boosted its position in shares of Granite Ridge Resources by 28.8% in the fourth quarter. Janus Henderson Group PLC now owns 98,620 shares of the company’s stock worth $637,000 after buying an additional 22,071 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Capital One Financial lowered Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Wall Street Zen upgraded 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 set a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.33.

Insider Buying and Selling at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg bought 6,100 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were bought at an average cost of $5.80 per share, for a total transaction of $35,380.00. Following the completion of the acquisition, the chief executive officer now directly owns 157,267 shares in the company, valued at approximately $912,148.60. This represents a 4.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 29,914 shares of company stock worth $168,331 over the last three months. Corporate insiders own 8.50% of the company’s stock.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT opened at $5.84 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.10. The business has a fifty day simple moving average of $5.25 and a 200 day simple moving average of $5.88. The firm has a market cap of $765.17 million, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.29 and a beta of 0.31.

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 return on equity of 11.58% and a net margin of 12.59%. The company had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business 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 is Friday, May 30th. This represents a $0.44 annualized dividend and a yield of 7.54%. 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.