Intech Investment Management LLC Buys New Shares in Granite Ridge Resources, Inc. (NYSE:GRNT)

Intech Investment Management LLC purchased a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) during the 4th quarter, Holdings Channel reports. The firm purchased 25,026 shares of the company’s stock, valued at approximately $162,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spider Management Company LLC grew its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock worth $31,987,000 after buying an additional 872,282 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $941,000. Charles Schwab Investment Management Inc. raised its stake in shares of Granite Ridge Resources by 50.1% in the third 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 in the last quarter. Finally, Barclays PLC lifted its position in Granite Ridge Resources by 306.9% in the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock worth $482,000 after purchasing an additional 61,162 shares during the period. Institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GRNT shares. Stephens restated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Stock Up 0.2 %

Shares of NYSE GRNT opened at $6.22 on Friday. Granite Ridge Resources, Inc. has a 52-week low of $5.27 and a 52-week high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The business has a fifty day moving average of $6.09 and a two-hundred day moving average of $6.20. The stock has a market cap of $813.00 million, a PE ratio of 17.26, a PEG ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Announces Dividend

The company also recently declared 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 of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.08%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 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.