American Century Companies Inc. Increases Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

American Century Companies Inc. increased its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 35.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,357,179 shares of the company’s stock after acquiring an additional 357,705 shares during the period. American Century Companies Inc. owned approximately 1.04% of Granite Ridge Resources worth $8,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Georgetown University acquired a new position in Granite Ridge Resources during the fourth quarter valued at $15,818,000. Silvercrest Asset Management Group LLC boosted its stake in shares of 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 buying an additional 406,500 shares during the last quarter. Crown Advisors Management Inc. acquired a new stake in Granite Ridge Resources during the first quarter worth about $1,300,000. Trexquant Investment LP raised its position in Granite Ridge Resources by 80.9% during the fourth quarter. Trexquant Investment LP now owns 233,397 shares of the company’s stock valued at $1,405,000 after acquiring an additional 104,392 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Granite Ridge Resources by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after purchasing an additional 78,636 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $6.25 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24. The company’s fifty day moving average price is $6.41 and its 200 day moving average price is $6.42. The stock has a market capitalization of $817.15 million, a P/E ratio of 13.89, a P/E/G ratio of 1.45 and a beta of 0.19. Granite Ridge Resources, Inc. has a 1 year low of $5.20 and a 1 year high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The firm had revenue of $90.65 million during the quarter, compared to analyst estimates of $96.97 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. As a group, equities research analysts anticipate that Granite Ridge Resources, Inc. will post 0.59 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders 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 dividend on an annualized basis and a yield of 7.04%. Granite Ridge Resources’s payout ratio is currently 97.78%.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 8,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of $5.97 per share, with a total value of $50,745.00. Following the completion of the purchase, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was acquired at an average cost of $6.62 per share, with a total value of $33,100.00. Following the purchase, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at $507,906.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the transaction, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. The disclosure for this purchase can be found here. Insiders acquired 30,433 shares of company stock valued at $189,581 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Bank of America reaffirmed a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.95.

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.