Rhumbline Advisers Grows Stake in Granite Ridge Resources, Inc. (NYSE:GRNT)

Rhumbline Advisers grew its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 66.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 73,052 shares of the company’s stock after purchasing an additional 29,167 shares during the quarter. Rhumbline Advisers’ holdings in Granite Ridge Resources were worth $462,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GRNT. Georgetown University purchased a new stake in Granite Ridge Resources in the fourth quarter valued at about $15,818,000. Vanguard Group Inc. boosted its holdings in Granite Ridge Resources by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock worth $10,943,000 after acquiring an additional 47,182 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Granite Ridge Resources by 32.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after acquiring an additional 406,500 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Finally, Crown Advisors Management Inc. acquired a new stake in Granite Ridge Resources in the first quarter worth about $1,300,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Trading Down 3.9 %

Shares of NYSE:GRNT opened at $5.87 on Friday. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The stock has a market cap of $767.47 million, a price-to-earnings ratio of 13.04, a PEG ratio of 1.64 and a beta of 0.19. The business has a 50-day moving average price of $6.35 and a 200-day moving average price of $6.42.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $90.65 million for the quarter, compared to analyst estimates 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 previous year, the firm posted $0.19 earnings per share. Equities analysts predict that Granite Ridge Resources, Inc. will post 0.55 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.11 per share. The ex-dividend date was Friday, August 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.50%. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Wall Street Analyst Weigh In

Separately, Bank of America reissued a “neutral” rating and issued a $7.00 price target on shares of Granite Ridge Resources in a report on Friday, June 14th.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 19th. The stock was acquired at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the purchase, the chief financial officer now owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Matthew Reade Miller bought 8,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average cost of $5.97 per share, with a total value of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were purchased at an average cost of $6.62 per share, with a total value of $33,100.00. Following the completion of the acquisition, the chief financial officer now owns 76,723 shares in the company, valued at $507,906.26. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 30,433 shares of company stock valued at $189,581. 1.90% of the stock is owned by insiders.

Granite Ridge Resources 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.