Rhumbline Advisers Purchases 29,167 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Rhumbline Advisers lifted its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 66.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,052 shares of the company’s stock after purchasing an additional 29,167 shares during the quarter. Rhumbline Advisers owned 0.06% of Granite Ridge Resources worth $462,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 purchasing an additional 2,709 shares during the last quarter. Principal Financial Group Inc. lifted its position in Granite Ridge Resources by 17.2% in the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after buying an additional 3,980 shares during the last quarter. Swiss National Bank boosted its stake in Granite Ridge Resources by 11.6% during the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after buying an additional 6,900 shares during the period. O Shaughnessy Asset Management LLC increased its position in Granite Ridge Resources by 14.5% during the first 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 last quarter. Finally, CWM LLC increased its position in Granite Ridge Resources by 4,228.0% during the second quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Bank of America restated a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $5.87 on Friday. The stock has a 50 day moving average price of $6.35 and a 200 day moving average price of $6.42. Granite Ridge Resources, Inc. has a 52-week low of $5.20 and a 52-week high of $7.10. 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 firm has a market capitalization of $767.47 million, a P/E ratio of 13.04, a P/E/G ratio of 1.64 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results 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 analysts’ expectations of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, sell-side analysts predict that Granite Ridge Resources, Inc. will post 0.55 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.50%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Insider Activity

In other news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 19th. The shares were bought at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Granite Ridge Resources news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was bought at an average cost of $6.62 per share, with a total value of $33,100.00. Following the completion of the purchase, the chief financial officer now directly owns 76,723 shares in the company, valued at $507,906.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller bought 4,938 shares of the company’s stock in a transaction on Friday, August 16th. The shares were acquired at an average price of $6.50 per share, for a total transaction of $32,097.00. Following the completion of the acquisition, the director now owns 679,996 shares in the company, valued at $4,419,974. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 30,433 shares of company stock valued at $189,581. Corporate insiders own 1.90% of the company’s stock.

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.