Silvercrest Asset Management Group LLC Buys New Shares in Granite Ridge Resources, Inc. (NYSE:GRNT)

Silvercrest Asset Management Group LLC bought a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 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 reporting period.

Other hedge funds have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $870,000. Wells Fargo & Company MN increased its stake in Granite Ridge Resources by 304.2% in the 4th quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after acquiring an additional 73,531 shares during the last quarter. Grey Rock Energy Management LLC bought a new position in Granite Ridge Resources in the 4th quarter worth about $357,018,000. Spider Management Company LLC increased its stake in Granite Ridge Resources by 21.4% in the 4th quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after acquiring an additional 872,282 shares during the last quarter. Finally, HighTower Advisors LLC bought a new position in Granite Ridge Resources in the 4th quarter worth about $941,000. 31.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GRNT. Capital One Financial lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Stephens reiterated an "overweight" rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Finally, Wall Street Zen upgraded Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $7.33.

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 18,252 shares of Granite Ridge Resources 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 transaction, the chief executive officer now directly owns 151,167 shares in the company, valued at approximately $838,976.85. This represents a 13.73% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders bought 19,814 shares of company stock valued at $110,071. Corporate insiders own 8.50% of the company's stock.

Granite Ridge Resources Stock Up 1.0%

Shares of NYSE:GRNT traded up $0.06 during trading on Friday, hitting $5.56. The stock had a trading volume of 241,782 shares, compared to its average volume of 484,362. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.10. The company has a market capitalization of $728.45 million, a PE ratio of 15.43, a PEG ratio of 1.29 and a beta of 0.23. The firm's fifty day moving average is $5.33 and its 200 day moving average is $5.93. 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 (NYSE:GRNT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. The firm had revenue of $122.93 million during the quarter, compared to analyst estimates of $115.30 million. Analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS 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. Stockholders of record on Friday, May 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.92%. The ex-dividend date of this dividend is Friday, May 30th. Granite Ridge Resources's dividend payout ratio is currently 488.89%.

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.