Dimensional Fund Advisors LP Takes $2.89 Million Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Dimensional Fund Advisors LP purchased a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 456,739 shares of the company’s stock, valued at approximately $2,891,000. Dimensional Fund Advisors LP owned approximately 0.35% of Granite Ridge Resources as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the stock. Georgetown University bought a new stake in Granite Ridge Resources during the fourth quarter valued at $15,818,000. Silvercrest Asset Management Group LLC boosted its stake in Granite Ridge Resources by 32.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after buying an additional 406,500 shares during the period. American Century Companies Inc. boosted its stake in Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after buying an additional 357,705 shares during the period. Crown Advisors Management Inc. bought a new stake in Granite Ridge Resources during the first quarter valued at $1,300,000. Finally, Bank of New York Mellon Corp lifted its stake in Granite Ridge Resources by 6.8% during the second 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 during the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Granite Ridge Resources

In other news, CFO Tyler Farquharson acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average price 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. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Matthew Reade Miller acquired 8,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, with a total value of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of the stock in a transaction dated Monday, August 19th. The shares were purchased at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the purchase, the chief financial officer now owns 76,723 shares in the company, valued at approximately $507,906.26. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 30,433 shares of company stock valued at $189,581 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GRNT has been the subject of several research analyst reports. 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. 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.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $6.16 on Friday. The stock has a market capitalization of $805.38 million, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 1.64 and a beta of 0.19. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one 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. The business’s 50 day simple moving average is $6.22 and its two-hundred day simple moving average is $6.41.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The firm had revenue of $90.65 million during the quarter, compared to analysts’ expectations 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 previous year, the firm earned $0.19 earnings per share. Analysts forecast that Granite Ridge Resources, Inc. will post 0.55 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 7.14%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 97.78%.

Granite Ridge Resources 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.