348,500 Shares in Granite Ridge Resources, Inc. (NYSE:GRNT) Purchased by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC purchased a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 348,500 shares of the company's stock, valued at approximately $2,251,000. Silvercrest Asset Management Group LLC owned 0.27% of Granite Ridge Resources at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted 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 valued at $116,000 after buying an additional 2,735 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Granite Ridge Resources by 16.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock valued at $127,000 after buying an additional 2,759 shares during the period. Quantbot Technologies LP boosted its position in Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after buying an additional 7,960 shares during the period. Deutsche Bank AG boosted its position in Granite Ridge Resources by 37.5% in the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock valued at $215,000 after buying an additional 9,055 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Granite Ridge Resources in the 4th quarter valued at about $62,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg bought 18,252 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average price of $5.55 per share, with a total value of $101,298.60. Following the completion of the transaction, the chief executive officer now directly owns 151,167 shares of the company's stock, valued at approximately $838,976.85. The trade was a 13.73% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought 19,814 shares of company stock valued at $110,071 over the last 90 days. Insiders own 8.50% of the company's stock.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $5.57 on Tuesday. The company has a 50 day moving average price of $5.35 and a 200-day moving average price of $5.95. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.10. The stock has a market capitalization of $730.42 million, a PE ratio of 15.47, a PEG ratio of 1.29 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

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

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.90%. Granite Ridge Resources's payout ratio is 488.89%.

Wall Street Analysts Forecast Growth

GRNT has been the subject of several research reports. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Stephens reaffirmed an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th.

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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