Ieq Capital LLC Makes New Investment in Granite Ridge Resources, Inc. $GRNT

Ieq Capital LLC acquired a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 123,055 shares of the company’s stock, valued at approximately $543,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GRNT. Dimensional Fund Advisors LP lifted its holdings in Granite Ridge Resources by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after buying an additional 448,066 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources in the 1st quarter valued at approximately $6,624,000. First Trust Advisors LP raised its position in shares of Granite Ridge Resources by 47.1% during the 1st quarter. First Trust Advisors LP now owns 366,573 shares of the company’s stock valued at $2,152,000 after acquiring an additional 117,451 shares in the last quarter. Jane Street Group LLC raised its position in shares of Granite Ridge Resources by 904.1% during the 2nd quarter. Jane Street Group LLC now owns 216,397 shares of the company’s stock valued at $1,378,000 after acquiring an additional 194,846 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Granite Ridge Resources during the second quarter worth $669,000. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Trading Up 0.4%

Shares of NYSE GRNT opened at $5.06 on Friday. The company has a market cap of $667.41 million, a price-to-earnings ratio of -24.10 and a beta of 0.20. Granite Ridge Resources, Inc. has a 12-month low of $4.18 and a 12-month high of $6.14. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock’s 50 day simple moving average is $4.75 and its 200 day simple moving average is $5.11.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $149.27 million during the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Equities research analysts expect that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.7%. Granite Ridge Resources’s payout ratio is -209.52%.

Wall Street Analysts Forecast Growth

GRNT has been the subject of a number of research reports. Stephens decreased their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, Northland Securities began coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Insider Activity at Granite Ridge Resources

In other news, Director Matthew Reade Miller purchased 10,600 shares of the stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the transaction, the director owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 13,600 shares of company stock worth $65,350 in the last three months. 8.60% of the stock is currently owned by corporate insiders.

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.