Georgetown University Cuts Position in Granite Ridge Resources, Inc. $GRNT

Georgetown University decreased its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 3.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,079,000 shares of the company’s stock after selling 104,114 shares during the quarter. Granite Ridge Resources makes up about 5.6% of Georgetown University’s investment portfolio, making the stock its 8th biggest holding. Georgetown University’s holdings in Granite Ridge Resources were worth $13,578,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GRNT. BlackRock Inc. bought a new position in Granite Ridge Resources in the second quarter valued at $21,910,000. Bank of America Corp DE lifted its position in Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after buying an additional 4,449,582 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources during the 1st quarter worth about $6,624,000. Bank of New York Mellon Corp acquired a new position in shares of Granite Ridge Resources during the 2nd quarter worth about $4,162,000. Finally, Zazove Associates LLC bought a new position in shares of Granite Ridge Resources in the 4th quarter valued at about $3,210,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $5.05 on Wednesday. The firm has a 50-day moving average of $4.77 and a 200-day moving average of $5.11. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.14. The company has a market cap of $666.10 million, a PE ratio of -24.05 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02.

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

Granite Ridge Resources Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Stephens lowered their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Zacks Research raised Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Northland Securities initiated coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Granite Ridge Resources presently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 10,600 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the completion of the purchase, the director directly owned 1,360,813 shares of the company’s stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 13,600 shares of company stock worth $65,350 over the last 90 days. 8.60% of the stock is owned by insiders.

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.