CWA Asset Management Group LLC Grows Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

CWA Asset Management Group LLC increased its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 46.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 189,500 shares of the company's stock after acquiring an additional 59,671 shares during the period. CWA Asset Management Group LLC owned approximately 0.14% of Granite Ridge Resources worth $1,152,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Grey Rock Energy Management LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth $357,018,000. Hamilton Lane Advisors LLC boosted its position in shares of Granite Ridge Resources by 15.5% during the first quarter. Hamilton Lane Advisors LLC now owns 8,480,587 shares of the company's stock worth $51,562,000 after buying an additional 1,139,430 shares during the period. Vanguard Group Inc. boosted its position in shares of Granite Ridge Resources by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after buying an additional 418,059 shares during the period. Georgetown University boosted its position in shares of Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock worth $21,483,000 after buying an additional 697,823 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Granite Ridge Resources by 16.0% during the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company's stock worth $13,282,000 after buying an additional 282,912 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Down 0.2%

NYSE:GRNT traded down $0.01 during midday trading on Monday, reaching $6.40. The company had a trading volume of 1,391,632 shares, compared to its average volume of 488,037. The firm has a market capitalization of $839.23 million, a price-to-earnings ratio of 71.12 and a beta of 0.31. The stock's fifty day simple moving average is $5.47 and its 200-day simple moving average is $5.85. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The firm had revenue of $122.93 million during the quarter, compared to analyst estimates of $115.30 million. Granite Ridge Resources had a return on equity of 13.46% and a net margin of 2.98%. On average, 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 firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 6.88%. The ex-dividend date of this dividend was Friday, May 30th. Granite Ridge Resources's dividend payout ratio is presently 488.89%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 17,000 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $5.98 per share, for a total transaction of $101,660.00. Following the completion of the transaction, the director now owns 1,261,877 shares of the company's stock, valued at approximately $7,546,024.46. This trade represents a 1.37% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Luke C. Brandenberg bought 6,100 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were purchased at an average price of $5.80 per share, for a total transaction of $35,380.00. Following the transaction, the chief executive officer now directly owns 157,267 shares of the company's stock, valued at approximately $912,148.60. This represents a 4.04% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 46,896 shares of company stock worth $270,002 over the last ninety days. Corporate insiders own 8.50% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on GRNT. Wall Street Zen upgraded Granite Ridge Resources from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Stephens reiterated an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a report on Friday, March 7th.

Granite Ridge Resources Company 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.