Granite Ridge Resources, Inc. $GRNT Position Lessened by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. trimmed its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 431,650 shares of the company’s stock after selling 11,291 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.33% of Granite Ridge Resources worth $2,624,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. SummerHaven Investment Management LLC raised its holdings in Granite Ridge Resources by 2.0% during the first quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company’s stock valued at $730,000 after buying an additional 2,322 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 valued at $127,000 after buying an additional 2,759 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Granite Ridge Resources by 5.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company’s stock valued at $388,000 after buying an additional 3,272 shares in the last quarter. Independent Wealth Network Inc. raised its holdings in Granite Ridge Resources by 24.6% during the first quarter. Independent Wealth Network Inc. now owns 20,068 shares of the company’s stock valued at $122,000 after buying an additional 3,963 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock valued at $53,000 after buying an additional 6,017 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Matthew Reade Miller bought 17,000 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average cost of $5.98 per share, with a total value of $101,660.00. Following the completion of the transaction, the director directly owned 1,261,877 shares in the company, valued at $7,546,024.46. This represents a 1.37% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Mccartney bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the transaction, the director owned 82,117 shares of the company’s stock, valued at $431,114.25. This represents a 6.48% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 41,618 shares of company stock valued at $237,105. 8.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Granite Ridge Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.50.

Granite Ridge Resources Stock Down 1.9%

GRNT opened at $5.56 on Friday. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $729.09 million, a price-to-earnings ratio of 23.15, a P/E/G ratio of 0.79 and a beta of 0.34. The business has a 50 day moving average of $5.59 and a 200-day moving average of $5.59.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. The business had revenue of $109.22 million during the quarter, compared to the consensus estimate of $109.69 million. As a group, sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.9%. The ex-dividend date of this dividend is Friday, August 29th. Granite Ridge Resources’s dividend payout ratio is currently 183.33%.

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.