CWA Asset Management Group LLC Grows Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

CWA Asset Management Group LLC boosted its stake in Granite Ridge Resources, Inc. (NYSE:GRNT) by 8.4% in the fourth quarter, HoldingsChannel reports. The firm owned 129,829 shares of the company’s stock after acquiring an additional 10,106 shares during the period. CWA Asset Management Group LLC’s holdings in Granite Ridge Resources were worth $839,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in GRNT. Dimensional Fund Advisors LP bought a new stake in shares of Granite Ridge Resources in the second quarter worth $2,891,000. AQR Capital Management LLC boosted its position in Granite Ridge Resources by 72.6% in the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares during the last quarter. American Century Companies Inc. grew its stake 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 purchasing an additional 357,705 shares during the period. Geode Capital Management LLC increased its position 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 valued at $7,258,000 after purchasing an additional 317,303 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of 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 worth $2,522,000 after purchasing an additional 141,634 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $6.74 on Wednesday. The stock has a 50-day simple moving average of $6.29 and a two-hundred day simple moving average of $6.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. The firm has a market capitalization of $881.21 million, a PE ratio of 18.72, a P/E/G ratio of 1.62 and a beta of 0.22.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.53%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is 122.22%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the purchase, the chief executive officer now owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This represents a 8.44 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the chief financial officer now directly owns 86,723 shares of the company’s stock, valued at approximately $568,035.65. This represents a 6.12 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 83,174 shares of company stock worth $520,493. Company insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research report on Monday, September 30th.

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.