Dimensional Fund Advisors LP Acquires 454,071 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Dimensional Fund Advisors LP increased its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 45.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,460,485 shares of the company's stock after acquiring an additional 454,071 shares during the period. Dimensional Fund Advisors LP owned approximately 1.12% of Granite Ridge Resources worth $9,432,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock worth $116,000 after buying an additional 2,735 shares during the last quarter. Quantbot Technologies LP raised its stake in Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after buying an additional 7,960 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $68,000. Mariner LLC increased its position in Granite Ridge Resources by 64.6% during the 4th quarter. Mariner LLC now owns 29,097 shares of the company's stock valued at $188,000 after buying an additional 11,424 shares in the last quarter. Finally, Belvedere Trading LLC purchased a new stake in shares of Granite Ridge Resources during the fourth quarter valued at approximately $75,000. Institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $5.19 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50 day moving average price of $5.33 and a 200-day moving average price of $5.96. The stock has a market cap of $680.59 million, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The firm had revenue of $122.93 million during the quarter, compared to analyst estimates of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. Equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.48%. The ex-dividend date of this dividend is Friday, May 30th. Granite Ridge Resources's dividend payout ratio (DPR) is 488.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stephens reaffirmed an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th. 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. 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's stock. Based on data from MarketBeat.com, the company presently has a consensus 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.

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