Nuveen LLC Acquires Shares of 963,856 Granite Ridge Resources, Inc. $GRNT

Key Points

• Nuveen LLC has acquired a significant stake in Granite Ridge Resources, purchasing 963,856 shares valued at approximately $5.86 million, increasing its ownership to about 0.74% of the company.
• Granite Ridge Resources recently faced a shift in analyst sentiment, with shares downgraded from a "buy" to a "hold" rating, resulting in a consensus price target of $7.50.
• The company has declared a quarterly dividend of $0.11 per share, yielding 7.7% annually, despite a high dividend payout ratio of 183.33%.

Nuveen LLC acquired a new position in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 963,856 shares of the company's stock, valued at approximately $5,860,000. Nuveen LLC owned about 0.74% of Granite Ridge Resources at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. SummerHaven Investment Management LLC increased its holdings in Granite Ridge Resources by 2.0% during the first quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company's stock valued at $730,000 after buying an additional 2,322 shares during the period. Invesco Ltd. increased its holdings in Granite Ridge Resources by 3.1% during the first quarter. Invesco Ltd. now owns 78,212 shares of the company's stock valued at $476,000 after buying an additional 2,344 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Granite Ridge Resources by 16.4% during the fourth 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Granite Ridge Resources by 5.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock valued at $388,000 after buying an additional 3,272 shares during the period. Finally, Independent Wealth Network Inc. increased its holdings in Granite Ridge Resources by 24.6% during the first quarter. Independent Wealth Network Inc. now owns 20,068 shares of the company's stock valued at $122,000 after buying an additional 3,963 shares during the period. Institutional investors own 31.56% of the company's stock.

Insider Activity

In other news, CEO Luke C. Brandenberg bought 6,100 shares of the stock in a transaction dated Wednesday, June 4th. The shares were acquired at an average price of $5.80 per share, with a total value of $35,380.00. Following the completion of the acquisition, the chief executive officer directly owned 157,267 shares in the company, valued at approximately $912,148.60. The trade was a 4.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Mccartney acquired 5,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the acquisition, the director owned 82,117 shares of the company's stock, valued at $431,114.25. This represents a 6.48% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 41,618 shares of company stock worth $237,105. 8.50% of the stock is currently owned by corporate insiders.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.11 during trading hours on Friday, reaching $5.56. The stock had a trading volume of 482,269 shares, compared to its average volume of 555,948. The stock's 50 day moving average is $5.61 and its 200 day moving average is $5.60. The firm has a market capitalization of $729.09 million, a PE ratio of 23.15, a PEG ratio of 0.76 and a beta of 0.34. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). The business had revenue of $109.22 million during the quarter, compared to analyst estimates of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. Equities analysts expect 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 disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Friday, August 29th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 183.33%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $7.50.

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.