Granite Ridge Resources, Inc. $GRNT Shares Bought by American Century Companies Inc.

Key Points

• American Century Companies Inc. has increased its stake in Granite Ridge Resources, Inc. by 9.4% during the 1st quarter, now holding approximately $13.68 million worth of shares.
• Insider transactions include CEO Luke C. Brandenberg and Director John McCartney purchasing shares, reflecting confidence in the company's prospects.
• Granite Ridge Resources recently declared a quarterly dividend of $0.11 per share, with a payout ratio of 183.33%, indicating dividends exceed earnings.

American Century Companies Inc. boosted its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 9.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,249,990 shares of the company's stock after purchasing an additional 193,912 shares during the quarter. American Century Companies Inc. owned about 1.72% of Granite Ridge Resources worth $13,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Granite Ridge Resources by 892.9% in the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after acquiring an additional 6,375 shares during the period. Parallel Advisors LLC increased its holdings in shares of Granite Ridge Resources by 222.4% in the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after purchasing an additional 6,017 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Granite Ridge Resources in the fourth quarter worth about $62,000. One68 Global Capital LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $71,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $96,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.11 on Friday, hitting $5.56. The company's stock had a trading volume of 482,269 shares, compared to its average volume of 555,948. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.00. The firm has a fifty day moving average price of $5.61 and a 200-day moving average price of $5.60. The company has a market capitalization of $729.09 million, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 0.76 and a beta of 0.34.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced 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). The business had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. As a group, sell-side analysts anticipate 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. Investors of record on Friday, August 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.9%. The ex-dividend date of this dividend is Friday, August 29th. Granite Ridge Resources's dividend payout ratio is currently 183.33%.

Insider Buying and Selling at Granite Ridge Resources

In related 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 cost of $5.80 per share, for a total transaction of $35,380.00. Following the acquisition, the chief executive officer directly owned 157,267 shares in the company, valued at approximately $912,148.60. This trade represents a 4.04% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Mccartney acquired 5,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $5.25 per share, with a total value of $26,250.00. Following the acquisition, the director directly owned 82,117 shares of the company's stock, valued at $431,114.25. This trade represents a 6.48% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 41,618 shares of company stock worth $237,105. Corporate insiders own 8.50% of the company's stock.

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.