Granite Ridge Resources, Inc. $GRNT Stock Holdings Decreased by Denali Advisors LLC

Denali Advisors LLC reduced its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 39.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 139,425 shares of the company’s stock after selling 89,624 shares during the quarter. Denali Advisors LLC’s holdings in Granite Ridge Resources were worth $888,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. CWM LLC increased its position in shares of Granite Ridge Resources by 113.9% in the second quarter. CWM LLC now owns 22,659 shares of the company’s stock worth $144,000 after acquiring an additional 12,068 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Granite Ridge Resources in the second quarter worth approximately $127,000. SummerHaven Investment Management LLC increased its position in shares of Granite Ridge Resources by 2.5% in the second quarter. SummerHaven Investment Management LLC now owns 122,994 shares of the company’s stock worth $783,000 after acquiring an additional 2,950 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Granite Ridge Resources in the second quarter worth approximately $267,000. Finally, Rhumbline Advisers increased its position in shares of Granite Ridge Resources by 9.2% in the first quarter. Rhumbline Advisers now owns 83,652 shares of the company’s stock worth $509,000 after acquiring an additional 7,062 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Performance

GRNT stock opened at $5.27 on Thursday. 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 stock has a market cap of $691.03 million, a P/E ratio of 21.94, a P/E/G ratio of 0.76 and a beta of 0.34. The firm has a 50 day simple moving average of $5.44 and a 200 day simple moving average of $5.46. Granite Ridge Resources, Inc. has a 52 week low of $4.52 and a 52 week high of $7.00.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Monday, September 11th. The company reported $0.61 earnings per share (EPS) for the quarter. The firm had revenue of $150.27 million during the quarter. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. Research analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.11 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.44 dividend on an annualized basis and a yield of 8.4%. Granite Ridge Resources’s payout ratio is 183.33%.

Wall Street Analyst Weigh In

GRNT has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Granite Ridge Resources in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Granite Ridge Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.00.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney bought 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the purchase, the director directly owned 82,117 shares of the company’s stock, valued at $431,114.25. The trade was a 6.48% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 14,574 shares of company stock valued at $77,142 in the last ninety days. 8.50% of the stock is owned by insiders.

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.