American Century Companies Inc. Grows Position in Granite Ridge Resources, Inc. $GRNT

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hamilton Lane Advisors LLC increased its holdings in Granite Ridge Resources by 15.5% in the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock valued at $51,562,000 after buying an additional 1,139,430 shares in the last quarter. Georgetown University lifted its holdings in Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after purchasing an additional 697,823 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Granite Ridge Resources by 45.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company's stock valued at $9,432,000 after purchasing an additional 454,071 shares in the last quarter. Nuveen LLC purchased a new position in Granite Ridge Resources during the first quarter valued at $5,860,000. Finally, Millennium Management LLC lifted its holdings in Granite Ridge Resources by 4,637.3% during the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after purchasing an additional 471,474 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

Wall Street Analysts Forecast Growth

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 equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $7.50.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.11 during mid-day trading on Friday, reaching $5.56. 482,269 shares of the stock traded hands, compared to its average volume of 626,034. The business has a 50-day moving average of $5.59 and a 200 day moving average of $5.58. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.00. The stock has a market capitalization of $729.09 million, a PE ratio of 23.15, a PEG ratio of 0.79 and a beta of 0.35. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released 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 business had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. On average, analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Friday, August 29th. Granite Ridge Resources's payout ratio is currently 183.33%.

Insider Activity

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 6,100 shares of the stock in a transaction dated Wednesday, June 4th. The stock was 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 owned 157,267 shares in the company, valued at $912,148.60. This trade represents a 4.04% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Mccartney purchased 5,000 shares of the stock in a transaction dated Monday, August 18th. The shares were acquired at an average price of $5.25 per share, with a total value of $26,250.00. Following the completion of the acquisition, the director owned 82,117 shares in the company, valued at approximately $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 quarter, insiders have bought 41,618 shares of company stock valued at $237,105. 8.50% of the stock is currently owned by insiders.

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.