Connor Clark & Lunn Investment Management Ltd. Purchases New Holdings in Granite Ridge Resources, Inc. $GRNT

Key Points

• Connor Clark & Lunn purchased 501,116 shares of Granite Ridge Resources in the second quarter, worth approximately $2.21 million and representing about 0.38% of the company. Institutional investors collectively own 31.56% of the stock.
• Analyst sentiment is generally favorable, with a consensus “Moderate Buy” rating and an average price target of $10.00, compared with the stock’s recent price of $5.06.
• Granite Ridge reported quarterly earnings of $0.09 per share, exceeding estimates, and announced a quarterly dividend of $0.11, equivalent to an annualized yield of approximately 8.7%.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 501,116 shares of the company's stock, valued at approximately $2,210,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.38% of Granite Ridge Resources at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Osaic Holdings Inc. raised its position in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock valued at $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock worth $36,000 after purchasing an additional 5,492 shares during the period. Vise Technologies Inc. acquired a new position in Granite Ridge Resources in the second quarter worth $52,000. OpenArc Corporate Advisory LLC bought a new stake in Granite Ridge Resources during the fourth quarter valued at $52,000. Finally, Tower Research Capital LLC TRC increased its stake in Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after purchasing an additional 4,635 shares during the last quarter. Institutional investors own 31.56% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. 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 objective for the company. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Wall Street Zen upgraded Granite Ridge Resources from a "sell" rating to a "buy" rating in a research report on Sunday, August 9th. Freedom Capital raised Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a report on Sunday, August 16th. Finally, Stephens reduced their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources presently has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Insider Activity

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 10,600 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average cost of $4.75 per share, with a total value of $50,350.00. Following the completion of the transaction, the director 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired a total of 13,600 shares of company stock valued at $65,350 in the last ninety days. 8.60% of the stock is owned by corporate insiders.

Granite Ridge Resources Trading Up 0.4%

Shares of GRNT stock opened at $5.06 on Friday. The stock has a 50-day simple moving average of $4.75 and a 200 day simple moving average of $5.11. The stock has a market capitalization of $667.41 million, a P/E ratio of -24.10 and a beta of 0.20. Granite Ridge Resources, Inc. has a fifty-two week low of $4.18 and a fifty-two 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.

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

Granite Ridge Resources Announces Dividend

The firm also recently announced 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%.

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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