Sfmg LLC Buys 42,823 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Sfmg LLC increased its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 22.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 234,243 shares of the company’s stock after acquiring an additional 42,823 shares during the quarter. Sfmg LLC’s holdings in Granite Ridge Resources were worth $1,513,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Granite Ridge Resources by 50.1% during 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 in the last quarter. Barclays PLC boosted its position in shares of Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock worth $482,000 after purchasing an additional 61,162 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Granite Ridge Resources by 35.1% during 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 in the last quarter. Janus Henderson Group PLC boosted its position in shares of Granite Ridge Resources by 40.0% during the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after purchasing an additional 21,852 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Granite Ridge Resources during the third quarter worth $361,000. 31.56% of the stock is owned by institutional investors.

Granite Ridge Resources Trading Down 1.7 %

Shares of NYSE:GRNT opened at $6.00 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 12 month low of $5.27 and a 12 month high of $7.10. The company’s fifty day simple moving average is $6.15 and its 200 day simple moving average is $6.19. The firm has a market cap of $784.22 million, a price-to-earnings ratio of 16.65, a PEG ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 7.34%. Granite Ridge Resources’s payout ratio is currently 314.29%.

Wall Street Analyst Weigh In

GRNT has been the topic of a number of research analyst reports. Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Stephens restated an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Three investment 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. Based on data from MarketBeat, Granite Ridge Resources has a consensus rating of “Moderate Buy” and an average price target of $7.70.

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.