DGS Capital Management LLC Cuts Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

DGS Capital Management LLC decreased its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 10.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,893 shares of the company’s stock after selling 1,662 shares during the quarter. DGS Capital Management LLC’s holdings in Granite Ridge Resources were worth $97,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in shares of Granite Ridge Resources by 24,400.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after buying an additional 4,880 shares during the last quarter. Barclays PLC boosted its holdings in Granite Ridge Resources by 86.7% in the third quarter. Barclays PLC now owns 9,754 shares of the company’s stock worth $59,000 after purchasing an additional 4,529 shares during the last quarter. Independent Wealth Network Inc. purchased a new stake in Granite Ridge Resources in the fourth quarter worth approximately $74,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Granite Ridge Resources in the fourth quarter worth approximately $79,000. Finally, SG Americas Securities LLC purchased a new stake in Granite Ridge Resources in the fourth quarter worth approximately $93,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Up 2.6 %

GRNT opened at $6.23 on Friday. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.20. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $8.14. The company has a market capitalization of $814.51 million, a PE ratio of 13.84, a PEG ratio of 4.06 and a beta of 0.20. The firm’s 50 day simple moving average is $6.39 and its two-hundred day simple moving average is $6.16.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. The business had revenue of $89.00 million during the quarter. As a group, equities analysts forecast that Granite Ridge Resources, Inc. will post 0.61 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.44 annualized dividend and a dividend yield of 7.06%. Granite Ridge Resources’s payout ratio is 97.78%.

Analyst Ratings Changes

GRNT has been the topic of several research reports. Roth Capital upgraded shares of Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday, May 15th. Evercore ISI initiated coverage on shares of Granite Ridge Resources in a report on Monday, April 29th. They issued an “in-line” rating and a $8.00 target price on the stock. Roth Mkm initiated coverage on shares of Granite Ridge Resources in a report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 target price on the stock. Finally, Bank of America restated a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Granite Ridge Resources currently has an average rating of “Moderate Buy” and an average price target of $7.95.

Insider Activity

In other news, CEO Luke C. Brandenberg acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $31,250.00. Following the transaction, the chief executive officer now directly owns 81,633 shares of the company’s stock, valued at $510,206.25. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Luke C. Brandenberg acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $31,250.00. Following the transaction, the chief executive officer now directly owns 81,633 shares of the company’s stock, valued at $510,206.25. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Reade Miller purchased 7,700 shares of Granite Ridge Resources stock in a transaction on Monday, June 3rd. The stock was bought at an average price of $6.50 per share, for a total transaction of $50,050.00. Following the completion of the acquisition, the director now owns 666,075 shares in the company, valued at approximately $4,329,487.50. The disclosure for this purchase can be found here. Insiders have bought 31,200 shares of company stock worth $194,135 in the last three months. Company insiders own 1.90% of the company’s stock.

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.