Georgetown University Sells 104,114 Shares of Granite Ridge Resources, Inc. $GRNT

Georgetown University decreased its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,079,000 shares of the company’s stock after selling 104,114 shares during the quarter. Granite Ridge Resources comprises approximately 5.6% of Georgetown University’s investment portfolio, making the stock its 8th biggest holding. Georgetown University owned about 2.33% of Granite Ridge Resources worth $13,578,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after purchasing an additional 448,066 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Granite Ridge Resources during the first quarter worth $6,624,000. Algert Global LLC acquired a new position in shares of Granite Ridge Resources in the 2nd quarter valued at $1,719,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Granite Ridge Resources in the 2nd quarter valued at $2,210,000. Finally, First Trust Advisors LP increased its position in shares of Granite Ridge Resources by 47.1% in the 1st quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock valued at $2,152,000 after buying an additional 117,451 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 10,600 shares of Granite Ridge Resources stock in a transaction dated Tuesday, June 9th. The stock was bought at an average cost of $4.75 per share, with a total value of $50,350.00. Following the completion of the transaction, the director directly owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 13,600 shares of company stock worth $65,350 over the last ninety days. 8.60% of the stock is owned by corporate insiders.

Granite Ridge Resources Stock Up 0.4%

Shares of GRNT stock opened at $5.05 on Wednesday. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.14. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $4.77 and a 200-day moving average of $5.11. The company has a market capitalization of $666.10 million, a price-to-earnings ratio of -24.05 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, equities research analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders 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 dividend yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s payout ratio is -209.52%.

Analyst Upgrades and Downgrades

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

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.