Bank of New York Mellon Corp Makes New $4.16 Million Investment in Granite Ridge Resources, Inc. $GRNT

Key Points

• Bank of New York Mellon purchased 943,781 shares of Granite Ridge Resources worth approximately $4.16 million, while institutional investors collectively owned 31.56% of the company.
• Granite Ridge reported quarterly EPS of $0.09, exceeding the $0.08 consensus estimate, and revenue of $149.27 million, above expectations of $139.44 million.
• The company announced a quarterly dividend of $0.11 per share, representing an annualized yield of about 8.7%; analysts maintain a “Moderate Buy” consensus with an average price target of $10.00.

Bank of New York Mellon Corp bought a new position in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 943,781 shares of the company's stock, valued at approximately $4,162,000. Bank of New York Mellon Corp owned 0.72% of Granite Ridge Resources at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Bank of America Corp DE raised its position in shares of Granite Ridge Resources by 5,859.1% in the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company's stock worth $28,828,000 after acquiring an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. grew its stake in Granite Ridge Resources by 6.7% in the third quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company's stock worth $24,197,000 after purchasing an additional 282,132 shares during the period. Dimensional Fund Advisors LP grew its stake in Granite Ridge Resources by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock worth $19,414,000 after purchasing an additional 448,066 shares during the period. Geode Capital Management LLC raised its holdings in Granite Ridge Resources by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company's stock worth $6,944,000 after purchasing an additional 95,810 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Granite Ridge Resources in the first quarter worth $6,624,000. Institutional investors own 31.56% of the company's stock.

Insider Transactions at Granite Ridge Resources

In related news, Director John McCartney purchased 5,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average price of $5.04 per share, with a total value of $25,200.00. Following the acquisition, the director directly owned 154,143 shares in the company, valued at $776,880.72. The trade was a 3.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Miller purchased 10,600 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were bought at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the acquisition, the director owned 1,360,813 shares in the company, valued at approximately $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 18,600 shares of company stock valued at $90,550. 8.60% of the stock is owned by insiders.

Granite Ridge Resources Stock Down 0.2%

Shares of Granite Ridge Resources stock opened at $5.07 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $668.73 million, a PE ratio of -24.14 and a beta of 0.21. Granite Ridge Resources, Inc. has a 52-week low of $4.18 and a 52-week high of $6.14. The company has a 50-day simple moving average of $4.81 and a two-hundred day simple moving average of $5.11.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The firm had revenue of $149.27 million for the quarter, compared to analysts' expectations of $139.44 million. On average, analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings reissued a "sell (d+)" rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Granite Ridge Resources from a "sell" rating to a "buy" rating in a research note on Sunday, August 9th. Northland Securities began coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price target for the company. Freedom Capital raised shares of Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, Zacks Research upgraded shares of Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Granite Ridge Resources has an average rating of "Moderate Buy" and an average target price of $10.00.

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.

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