Nuveen LLC Purchases New Shares in 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 purchased a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 963,856 shares of the company's stock, valued at approximately $5,860,000. Nuveen LLC owned approximately 0.74% of Granite Ridge Resources as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GRNT. Hamilton Lane Advisors LLC raised its holdings in Granite Ridge Resources by 15.5% in the 1st quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after acquiring an additional 1,139,430 shares in the last quarter. Georgetown University raised its holdings in Granite Ridge Resources by 26.6% in the 4th quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after acquiring an additional 697,823 shares in the last quarter. Millennium Management LLC raised its holdings in Granite Ridge Resources by 4,637.3% in the 4th quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after acquiring an additional 471,474 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Granite Ridge Resources by 45.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company's stock valued at $9,432,000 after acquiring an additional 454,071 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Granite Ridge Resources in the 1st quarter valued at approximately $2,235,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 6,100 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was purchased at an average cost of $5.80 per share, with a total value of $35,380.00. Following the acquisition, the chief executive officer directly owned 157,267 shares of the company's stock, valued at approximately $912,148.60. This trade represents a 4.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director John Mccartney purchased 5,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of $5.25 per share, with a total value of $26,250.00. Following the completion of the acquisition, the director directly owned 82,117 shares in the company, valued at approximately $431,114.25. This represents a 6.48% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 41,618 shares of company stock valued at $237,105 in the last three months. Corporate insiders own 8.50% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Granite Ridge Resources from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Granite Ridge Resources currently has an average rating of "Hold" and an average target price of $7.50.

Granite Ridge Resources Price Performance

Shares of GRNT traded down $0.11 during mid-day trading on Friday, reaching $5.56. The company had a trading volume of 482,269 shares, compared to its average volume of 626,034. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 1.32. The company's 50-day moving average is $5.59 and its 200-day moving average is $5.58. The company has a market capitalization of $729.09 million, a P/E ratio of 23.15, a P/E/G ratio of 0.79 and a beta of 0.35.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%.The company had revenue of $109.22 million during the quarter, compared to analyst estimates of $109.69 million. On average, equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.9%. Granite Ridge Resources's dividend payout ratio is presently 183.33%.

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.