The Manufacturers Life Insurance Company Buys 7,965 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

The Manufacturers Life Insurance Company raised its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 52.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,206 shares of the company’s stock after acquiring an additional 7,965 shares during the period. The Manufacturers Life Insurance Company’s holdings in Granite Ridge Resources were worth $147,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP purchased a new position in Granite Ridge Resources in the second quarter valued at approximately $2,891,000. Silvercrest Asset Management Group LLC grew its stake in Granite Ridge Resources by 32.9% in the 1st 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 in the last quarter. AQR Capital Management LLC increased its stake in Granite Ridge Resources by 72.6% in the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after acquiring an additional 393,787 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Granite Ridge Resources by 35.8% during the 2nd 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 in the last quarter. Finally, Crown Advisors Management Inc. purchased a new position in shares of Granite Ridge Resources during the first quarter worth approximately $1,300,000. 31.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average cost of $6.23 per share, with a total value of $31,150.00. Following the acquisition, the chief executive officer now directly owns 91,633 shares of the company’s stock, valued at approximately $570,873.59. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Luke C. Brandenberg bought 5,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average cost of $6.23 per share, for a total transaction of $31,150.00. Following the transaction, the chief executive officer now owns 91,633 shares of the company’s stock, valued at approximately $570,873.59. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Reade Miller purchased 8,500 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 30,433 shares of company stock worth $189,581. Company insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

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

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $6.09 on Friday. The stock has a market cap of $796.23 million, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.61 and a beta of 0.19. The firm has a 50-day moving average of $6.22 and a two-hundred day moving average of $6.40. 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 issued its quarterly earnings results 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 business had revenue of $90.65 million for 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 posted $0.19 EPS. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.55 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.11 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.22%. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

About Granite Ridge Resources

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.