Bank of America Corp DE reduced its stake in Granite Ridge Resources, Inc. (NYSE:GRNT – Free Report) by 87.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,070 shares of the company’s stock after selling 1,090,111 shares during the period. Bank of America Corp DE owned 0.12% of Granite Ridge Resources worth $904,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of GRNT. Osaic Holdings Inc. boosted its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Granite Ridge Resources by 2,398.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares during the period. OpenArc Corporate Advisory LLC bought a new stake in Granite Ridge Resources during the 4th quarter valued at $52,000. Tower Research Capital LLC TRC raised its position in Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new stake in shares of Granite Ridge Resources in the 1st quarter worth $59,000. 31.56% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Northland Securities started coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Granite Ridge Resources presently has an average rating of “Moderate Buy” and an average target price of $10.00.
Get Our Latest Analysis on GRNT
Granite Ridge Resources Trading Down 0.2%
GRNT opened at $5.07 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a market cap of $668.73 million, a price-to-earnings ratio of -24.14 and a beta of 0.21. Granite Ridge Resources, Inc. has a 12 month low of $4.18 and a 12 month high of $6.14. The stock has a fifty day moving average price of $4.81 and a 200-day moving average price of $5.11.
Granite Ridge Resources (NYSE:GRNT – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. As a group, equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.
Granite Ridge Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 8.7%. The ex-dividend date is Friday, August 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.
Insider Activity at Granite Ridge Resources
In other Granite Ridge Resources news, Director Matthew Miller acquired 10,600 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the acquisition, the director owned 1,360,813 shares in the company, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John McCartney bought 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the transaction, the director directly owned 154,143 shares in the company, valued at $776,880.72. This represents a 3.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 18,600 shares of company stock valued at $90,550. 8.60% of the stock is owned by insiders.
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.
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