Sfmg LLC Purchases 9,960 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Sfmg LLC grew its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 5.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 191,420 shares of the company’s stock after purchasing an additional 9,960 shares during the quarter. Sfmg LLC’s holdings in Granite Ridge Resources were worth $1,212,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of GRNT. Georgetown University acquired a new position in shares of Granite Ridge Resources during the 4th quarter valued at $15,818,000. Dimensional Fund Advisors LP acquired a new position in shares of Granite Ridge Resources during the 2nd quarter valued at $2,891,000. Silvercrest Asset Management Group LLC lifted its position in shares of Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after acquiring an additional 406,500 shares during the period. American Century Companies Inc. lifted its position in shares of Granite Ridge Resources by 35.8% during the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after acquiring an additional 357,705 shares during the period. Finally, Crown Advisors Management Inc. acquired a new position in shares of Granite Ridge Resources during the 1st quarter valued at $1,300,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Stock Performance

GRNT opened at $6.26 on Wednesday. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The company’s fifty day moving average price is $6.39 and its two-hundred day moving average price is $6.42. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a market cap of $817.80 million, a price-to-earnings ratio of 13.90, a PEG ratio of 1.45 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last announced its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same quarter in the prior year, the company earned $0.19 EPS. On average, analysts expect that Granite Ridge Resources, Inc. will post 0.59 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.03%. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Wall Street Analysts Forecast Growth

Separately, Bank of America restated a “neutral” rating and set a $7.00 price objective 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Granite Ridge Resources currently has an average rating of “Moderate Buy” and a consensus target price of $7.95.

Insider Activity

In related news, CEO Luke C. Brandenberg purchased 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the completion of the transaction, the chief executive officer now owns 91,633 shares in the company, valued at $570,873.59. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Luke C. Brandenberg purchased 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the completion of the transaction, the chief executive officer now owns 91,633 shares in the company, valued at $570,873.59. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller bought 4,938 shares of the business’s stock in a transaction on Friday, August 16th. The shares were acquired at an average price of $6.50 per share, with a total value of $32,097.00. Following the transaction, the director now directly owns 679,996 shares of the company’s stock, valued at $4,419,974. The disclosure for this purchase can be found here. Insiders bought a total of 30,433 shares of company stock worth $189,581 over the last quarter. Insiders own 1.90% of the company’s stock.

Granite Ridge Resources Company 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.