BlackRock Inc. Acquires New Holdings in Granite Ridge Resources, Inc. $GRNT

Key Points

• BlackRock acquired 4.97 million shares of Granite Ridge Resources during the second quarter, worth approximately $21.9 million and representing about 3.77% of the company. Institutional investors collectively own 31.56% of GRNT.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $10.00 versus the stock’s reported $5.13 price. Recent insider purchases totaled 18,600 shares worth $90,550.
• Granite Ridge reported quarterly EPS of $0.09, beating estimates by $0.01, while revenue of $149.27 million exceeded forecasts. The company also declared a quarterly dividend of $0.11, implying an annualized yield of approximately 8.6%.

BlackRock Inc. acquired a new stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,968,334 shares of the company's stock, valued at approximately $21,910,000. BlackRock Inc. owned approximately 3.77% of Granite Ridge Resources as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company's stock valued at $19,414,000 after buying an additional 448,066 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Granite Ridge Resources in the first quarter valued at approximately $6,624,000. First Trust Advisors LP raised its holdings in shares of Granite Ridge Resources by 47.1% in the 1st quarter. First Trust Advisors LP now owns 366,573 shares of the company's stock valued at $2,152,000 after acquiring an additional 117,451 shares in the last quarter. Zazove Associates LLC increased its holdings in shares of Granite Ridge Resources by 1.4% in the 1st quarter. Zazove Associates LLC now owns 692,956 shares of the company's stock worth $4,068,000 after buying an additional 9,900 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Granite Ridge Resources during the first quarter worth about $391,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GRNT has been the topic of a number of recent research reports. Northland Securities assumed coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price objective on the stock. Freedom Capital raised Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Weiss Ratings reissued a "sell (d+)" rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Zacks Research upgraded Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Finally, Stephens lowered their price objective 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. 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $10.00.

Insider Activity at Granite Ridge Resources

In related news, Director John Mccartney bought 5,000 shares of the business'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 transaction, the director owned 154,143 shares in the company, valued at $776,880.72. This trade represents a 3.35% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller bought 10,600 shares of Granite Ridge Resources stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average cost of $4.75 per share, for a total transaction of $50,350.00. Following the purchase, the director owned 1,360,813 shares of the company's stock, valued at approximately $6,463,861.75. This trade represents a 0.79% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 18,600 shares of company stock worth $90,550. Corporate insiders own 8.60% of the company's stock.

Granite Ridge Resources Trading Up 1.5%

GRNT stock opened at $5.13 on Thursday. The company has a market capitalization of $677.31 million, a price-to-earnings ratio of -24.45 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14. The business has a 50 day simple moving average of $4.79 and a two-hundred day simple moving average of $5.11.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. Research 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. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources's dividend payout ratio (DPR) is presently -209.52%.

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.

Want to see what other hedge funds are holding GRNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source