Ieq Capital LLC Invests $543,000 in Granite Ridge Resources, Inc. $GRNT

Ieq Capital LLC acquired a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 123,055 shares of the company’s stock, valued at approximately $543,000. Ieq Capital LLC owned about 0.09% of Granite Ridge Resources at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GRNT. Osaic Holdings Inc. boosted its stake in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Granite Ridge Resources in the 1st quarter worth $59,000. Finally, OpenArc Corporate Advisory LLC bought a new position in Granite Ridge Resources in the 4th quarter worth $52,000. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Trading Up 0.4%

GRNT stock opened at $5.06 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14. The business has a 50 day simple moving average of $4.75 and a two-hundred day simple moving average of $5.11. The company has a market capitalization of $667.41 million, a price-to-earnings ratio of -24.10 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The firm had revenue of $149.27 million for the quarter, compared to analysts’ expectations of $139.44 million. Research analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s payout ratio is currently -209.52%.

Wall Street Analyst Weigh In

GRNT has been the topic of several analyst reports. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Stephens decreased their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Northland Securities initiated coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective on the stock. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research note on Sunday, August 9th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Insider Buying and Selling

In related news, Director Matthew Reade Miller purchased 10,600 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were acquired at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the purchase, the director directly owned 1,360,813 shares in the company, valued at $6,463,861.75. This trade represents a 0.79% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have acquired 13,600 shares of company stock valued at $65,350. 8.60% of the stock is owned by insiders.

Granite Ridge Resources Company 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.