Bank of New York Mellon Corp Sells 211,276 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Bank of New York Mellon Corp lowered its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 17.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,002,171 shares of the company’s stock after selling 211,276 shares during the period. Bank of New York Mellon Corp’s holdings in Granite Ridge Resources were worth $6,474,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. GSA Capital Partners LLP acquired a new position in Granite Ridge Resources in the 3rd quarter worth $361,000. Charles Schwab Investment Management Inc. lifted its stake in Granite Ridge Resources by 50.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after purchasing an additional 141,634 shares during the last quarter. PDT Partners LLC acquired a new stake in Granite Ridge Resources in the 3rd quarter valued at about $281,000. Janus Henderson Group PLC lifted its stake in Granite Ridge Resources by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock valued at $455,000 after purchasing an additional 21,852 shares during the last quarter. Finally, State Street Corp raised its holdings in Granite Ridge Resources by 1.4% in the 3rd quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after acquiring an additional 12,607 shares during the period. Institutional investors own 31.56% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on GRNT shares. Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Stephens reaffirmed an “overweight” rating and set a $8.00 target price on shares of Granite Ridge Resources in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.70.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT opened at $5.78 on Monday. Granite Ridge Resources, Inc. has a 1 year low of $5.27 and a 1 year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $756.62 million, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The company’s 50 day simple moving average is $6.22 and its 200 day simple moving average is $6.20.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.11 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.61%. Granite Ridge Resources’s dividend payout ratio is currently 314.29%.

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.