Public Employees Retirement System of Ohio Invests $267,000 in Granite Ridge Resources, Inc. $GRNT

Public Employees Retirement System of Ohio bought a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 41,900 shares of the company’s stock, valued at approximately $267,000.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company’s stock worth $43,000 after purchasing an additional 6,375 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock worth $53,000 after purchasing an additional 6,017 shares in the last quarter. Ieq Capital LLC acquired a new position in shares of Granite Ridge Resources during the first quarter worth approximately $62,000. Quantbot Technologies LP lifted its position in shares of Granite Ridge Resources by 81.2% during the first quarter. Quantbot Technologies LP now owns 16,512 shares of the company’s stock worth $100,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in Granite Ridge Resources in the first quarter valued at approximately $113,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Granite Ridge Resources

In related news, Director John Mccartney acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the acquisition, the director directly owned 82,117 shares in the company, valued at approximately $431,114.25. The trade was a 6.48% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired 14,574 shares of company stock worth $77,142 in the last quarter. Company insiders own 8.50% of the company’s stock.

Granite Ridge Resources Trading Up 1.9%

GRNT opened at $5.57 on Tuesday. The firm’s fifty day moving average is $5.39 and its two-hundred day moving average is $5.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $730.41 million, a PE ratio of 23.19, a price-to-earnings-growth ratio of 0.78 and a beta of 0.34. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.00.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results 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). The firm had revenue of $109.22 million during the quarter, compared to analyst estimates of $109.69 million. Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%. Equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date was Friday, August 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 183.33%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GRNT shares. Wall Street Zen lowered shares of Granite Ridge Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Weiss Ratings restated a “hold (c)” rating on shares of Granite Ridge Resources in a report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.00.

Granite Ridge Resources 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.