Sfmg LLC Has $1.21 Million Stake in Granite Ridge Resources, Inc. (NYSE:GRNT)

Sfmg LLC boosted its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 5.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 191,420 shares of the company’s stock after purchasing an additional 9,960 shares during the quarter. Sfmg LLC owned 0.15% of Granite Ridge Resources worth $1,212,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CWM LLC raised its stake in Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Granite Ridge Resources in the 2nd quarter valued at approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Granite Ridge Resources by 20.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after buying an additional 2,709 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of Granite Ridge Resources in the 1st quarter valued at approximately $150,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Granite Ridge Resources in the 1st quarter valued at approximately $186,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

GRNT stock opened at $6.26 on Wednesday. The company has a 50 day simple moving average of $6.39 and a 200 day simple moving average of $6.42. The stock has a market cap of $817.80 million, a price-to-earnings ratio of 13.90, 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. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24.

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

Granite Ridge Resources Dividend Announcement

The business also recently disclosed 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. This represents a $0.44 dividend on an annualized basis and a yield of 7.03%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is 97.78%.

Insider Buying and Selling

In related news, Director Matthew Reade Miller acquired 4,938 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average cost of $6.50 per share, for a total transaction of $32,097.00. Following the transaction, the director now directly owns 679,996 shares in the company, valued at $4,419,974. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Granite Ridge Resources news, Director Matthew Reade Miller bought 4,938 shares of Granite Ridge Resources stock in a transaction on Friday, August 16th. The shares were purchased at an average cost of $6.50 per share, with a total value of $32,097.00. Following the acquisition, the director now directly owns 679,996 shares of the company’s stock, valued at approximately $4,419,974. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $5.95 per share, for a total transaction of $29,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,723 shares in the company, valued at $486,251.85. The disclosure for this purchase can be found here. Insiders purchased a total of 30,433 shares of company stock worth $189,581 in the last three months. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Bank of America restated a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a research report on Friday, June 14th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus 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.