Bank of New York Mellon Corp Has $6.47 Million Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Bank of New York Mellon Corp lessened its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 17.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,002,171 shares of the company’s stock after selling 211,276 shares during the period. Bank of New York Mellon Corp owned about 0.77% of Granite Ridge Resources worth $6,474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GRNT. Spider Management Company LLC boosted its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after purchasing an additional 872,282 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares during the period. State Street Corp increased its stake in shares of Granite Ridge Resources by 1.4% in the third quarter. State Street Corp now owns 887,319 shares of the company’s stock worth $5,271,000 after purchasing an additional 12,607 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Granite Ridge Resources by 50.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after purchasing an additional 141,634 shares during the period. Finally, CWA Asset Management Group LLC increased its stake in Granite Ridge Resources by 8.4% during the fourth quarter. CWA Asset Management Group LLC now owns 129,829 shares of the company’s stock valued at $839,000 after acquiring an additional 10,106 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Stock Up 4.4 %

Shares of GRNT opened at $5.78 on Monday. The company has a market capitalization of $756.62 million, a P/E ratio of 16.07, a PEG ratio of 1.29 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. Granite Ridge Resources, Inc. has a one year low of $5.27 and a one year high of $7.10. The business’s 50 day simple moving average is $6.22 and its 200-day simple moving average is $6.20.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.61%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is 314.29%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GRNT. Stephens restated an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $7.70.

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.