GSA Capital Partners LLP Acquires New Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

GSA Capital Partners LLP acquired a new stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 60,805 shares of the company’s stock, valued at approximately $361,000.

A number of other hedge funds also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after acquiring an additional 2,709 shares during the period. Principal Financial Group Inc. grew its stake in shares of Granite Ridge Resources by 17.2% during the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after acquiring an additional 3,980 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of Granite Ridge Resources by 14.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock valued at $374,000 after acquiring an additional 7,304 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares during the period. Finally, Sfmg LLC boosted its stake in Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock worth $1,212,000 after purchasing an additional 9,960 shares during the period. 31.56% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Matthew Reade Miller purchased 18,173 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.49 per share, for a total transaction of $117,942.77. Following the acquisition, the director now owns 711,164 shares of the company’s stock, valued at approximately $4,615,454.36. This represents a 2.62 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the acquisition, the chief financial officer now directly owns 86,723 shares in the company, valued at $568,035.65. This trade represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 43,168 shares of company stock worth $273,362. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Granite Ridge Resources Trading Up 1.4 %

GRNT stock opened at $6.61 on Friday. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $864.19 million, a price-to-earnings ratio of 18.36, a PEG ratio of 1.72 and a beta of 0.19. The business has a 50 day simple moving average of $6.18 and a two-hundred day simple moving average of $6.33.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.66%. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

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.