1,128,371 Shares in Granite Ridge Resources, Inc. $GRNT Purchased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital acquired 1.13 million shares of Granite Ridge Resources in the first quarter, worth approximately $6.6 million and representing about 0.86% of the company. Institutional investors collectively own 31.56% of GRNT.
• Granite Ridge reported quarterly EPS of $0.02, missing the $0.09 consensus estimate, while revenue of $128.26 million slightly exceeded expectations. The stock recently traded at $4.75, near the lower end of its 52-week range.
• The company paid a quarterly dividend of $0.11 per share, equal to an annualized $0.44 and a 9.3% yield. Analysts are divided, with an overall “Hold” consensus and a $10 average price target, while insiders have purchased additional shares in recent months.

Arrowstreet Capital Limited Partnership bought a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,128,371 shares of the company's stock, valued at approximately $6,624,000. Arrowstreet Capital Limited Partnership owned about 0.86% of Granite Ridge Resources as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after purchasing an additional 3,994 shares during the last quarter. First Horizon Corp bought a new position in Granite Ridge Resources in the fourth quarter valued at $35,000. EverSource Wealth Advisors LLC increased its stake in Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock valued at $36,000 after buying an additional 5,492 shares during the last quarter. OpenArc Corporate Advisory LLC acquired a new stake in Granite Ridge Resources in the 4th quarter valued at $52,000. Finally, Tower Research Capital LLC TRC increased its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after buying an additional 4,635 shares during the last quarter. Institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Stock Up 0.1%

Granite Ridge Resources stock opened at $4.75 on Monday. The firm has a market capitalization of $627.18 million, a PE ratio of -19.02 and a beta of 0.20. The company's 50-day moving average is $4.71 and its 200-day moving average is $5.07. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.41 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.44 annualized dividend and a yield of 9.3%. Granite Ridge Resources's dividend payout ratio (DPR) is currently -176.00%.

Analyst Upgrades and Downgrades

GRNT has been the topic of a number of recent research reports. Wall Street Zen downgraded Granite Ridge Resources from a "hold" rating to a "sell" rating in a research report on Saturday. Northland Securities assumed coverage on Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price target for the company. Stephens decreased their price target on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Zacks Research lowered Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings cut Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.00.

Insiders Place Their Bets

In related news, CEO Tyler Farquharson purchased 10,000 shares of the stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $5.15 per share, with a total value of $51,500.00. Following the acquisition, the chief executive officer directly owned 344,743 shares in the company, valued at $1,775,426.45. The trade was a 2.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Griffin Perry acquired 100,000 shares of Granite Ridge Resources stock in a transaction dated Monday, May 18th. The shares were purchased at an average price of $5.49 per share, with a total value of $549,000.00. Following the acquisition, the director owned 1,163,903 shares of the company's stock, valued at approximately $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 148,780 shares of company stock worth $798,208. Company insiders own 8.60% of the company's stock.

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.

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