Algert Global LLC Buys New Stake in Granite Ridge Resources, Inc. $GRNT

Algert Global LLC purchased a new position in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 389,856 shares of the company's stock, valued at approximately $1,719,000. Algert Global LLC owned about 0.30% of Granite Ridge Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Sherbrooke Park Advisers LLC lifted its holdings in shares of Granite Ridge Resources by 12.9% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company's stock valued at $111,000 after acquiring an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Granite Ridge Resources by 10.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock valued at $132,000 after purchasing an additional 2,596 shares during the period. The Manufacturers Life Insurance Company raised its position in Granite Ridge Resources by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock valued at $152,000 after purchasing an additional 2,798 shares during the period. Wilmington Savings Fund Society FSB lifted its stake in shares of Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock valued at $62,000 after purchasing an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Granite Ridge Resources by 15.9% in the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock valued at $140,000 after purchasing an additional 3,550 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

GRNT opened at $5.06 on Friday. The business has a fifty day moving average of $4.75 and a 200 day moving average of $5.11. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76. The stock has a market cap of $667.41 million, a P/E ratio of -24.10 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The business had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. As a group, sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be issued a $0.11 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.7%. Granite Ridge Resources's dividend payout ratio is presently -209.52%.

Analysts Set New Price Targets

Several research firms recently weighed in on GRNT. Freedom Capital upgraded Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a report on Sunday, August 16th. Zacks Research raised shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a research report on Sunday, August 9th. Stephens reduced their target price on shares of Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Finally, Northland Securities assumed coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Granite Ridge Resources has an average rating of "Moderate Buy" and an average target price of $10.00.

Insider Activity at Granite Ridge Resources

In related news, Director Matthew Reade Miller purchased 10,600 shares of Granite Ridge Resources stock in a transaction that occurred on Tuesday, June 9th. The shares were bought at an average price of $4.75 per share, with a total value of $50,350.00. Following the purchase, the director directly owned 1,360,813 shares of the company's stock, valued at approximately $6,463,861.75. This represents a 0.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 13,600 shares of company stock valued at $65,350 in the last quarter. Corporate insiders own 8.60% of the company's stock.

Granite Ridge Resources 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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