GAMMA Investing LLC Grows Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

GAMMA Investing LLC increased its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 892.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,089 shares of the company’s stock after acquiring an additional 6,375 shares during the quarter. GAMMA Investing LLC’s holdings in Granite Ridge Resources were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GRNT. Grey Rock Energy Management LLC purchased a new stake in Granite Ridge Resources in the fourth quarter worth $357,018,000. Georgetown University raised its holdings in Granite Ridge Resources by 26.6% in the fourth quarter. Georgetown University now owns 3,325,470 shares of the company’s stock worth $21,483,000 after purchasing an additional 697,823 shares in the last quarter. Millennium Management LLC raised its holdings in Granite Ridge Resources by 4,637.3% in the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company’s stock worth $3,111,000 after purchasing an additional 471,474 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Granite Ridge Resources by 45.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock worth $9,432,000 after purchasing an additional 454,071 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock worth $27,353,000 after purchasing an additional 418,059 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 17,000 shares of Granite Ridge Resources stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the acquisition, the director now owns 1,261,877 shares of the company’s stock, valued at $7,546,024.46. This represents a 1.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Luke C. Brandenberg acquired 18,252 shares of Granite Ridge Resources stock in a transaction that occurred on Thursday, May 15th. The stock was acquired 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 directly owns 151,167 shares in the company, valued at $838,976.85. This represents a 13.73% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 46,896 shares of company stock worth $270,002. 8.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GRNT. Wall Street Zen upgraded Granite Ridge Resources from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Stephens reiterated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT opened at $6.65 on Friday. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.10. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 1.20. The business has a fifty day moving average price of $5.57 and a 200-day moving average price of $5.86. The company has a market capitalization of $871.36 million, a PE ratio of 73.84 and a beta of 0.31.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly 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 13.46% and a net margin of 2.98%. The firm had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.44 annualized dividend and a yield of 6.62%. Granite Ridge Resources’s 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.