First Trust Advisors LP Buys 117,451 Shares of Granite Ridge Resources, Inc. $GRNT

First Trust Advisors LP raised its stake in Granite Ridge Resources, Inc. (NYSE:GRNT) by 47.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 366,573 shares of the company’s stock after buying an additional 117,451 shares during the period. First Trust Advisors LP owned about 0.28% of Granite Ridge Resources worth $2,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of Granite Ridge Resources by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock valued at $19,414,000 after acquiring an additional 448,066 shares in the last quarter. Advisory Services Network LLC grew its stake in Granite Ridge Resources by 37.9% in the third quarter. Advisory Services Network LLC now owns 14,560 shares of the company’s stock worth $79,000 after purchasing an additional 4,000 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. OpenArc Corporate Advisory LLC purchased a new stake in shares of Granite Ridge Resources in the 4th quarter worth $52,000. Finally, 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 worth $36,000 after buying an additional 5,492 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $4.87 on Friday. The business’s 50-day moving average is $4.67 and its two-hundred day moving average is $5.08. The company has a market capitalization of $642.75 million, a P/E ratio of -23.20 and a beta of 0.20. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.14.

Granite Ridge Resources (NYSE:GRNT) last issued 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. The business had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%. Research analysts predict that Granite Ridge Resources, Inc. will post 0.41 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 9.0%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently -176.00%.

Insider Buying and Selling

In other news, Director Matthew Reade Miller bought 18,180 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the purchase, the director directly owned 1,350,213 shares in the company, valued at approximately $7,034,609.73. This trade represents a 1.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tyler Farquharson purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were purchased at an average cost of $5.15 per share, for a total transaction of $51,500.00. Following the completion of the acquisition, the chief executive officer directly owned 344,743 shares of the company’s stock, valued at $1,775,426.45. This represents a 2.99% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 148,780 shares of company stock valued at $798,208 in the last ninety days. Insiders own 8.60% of the company’s stock.

Analysts Set New Price Targets

GRNT has been the subject of a number of research reports. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Northland Securities started coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target on the stock. Stephens reduced their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Weiss Ratings cut Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen cut shares of Granite Ridge Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of “Hold” and a consensus target price of $10.00.

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.