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

CWA Asset Management Group LLC raised its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 46.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of GRNT. SummerHaven Investment Management LLC grew its position in Granite Ridge Resources by 2.0% during the 1st quarter. SummerHaven Investment Management LLC now owns 120,044 shares of the company's stock valued at $730,000 after purchasing an additional 2,322 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Granite Ridge Resources by 18.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock worth $116,000 after buying an additional 2,735 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Granite Ridge Resources by 16.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock valued at $127,000 after buying an additional 2,759 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Granite Ridge Resources by 5.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company's stock valued at $388,000 after acquiring an additional 3,272 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Granite Ridge Resources by 222.4% during the first quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after acquiring an additional 6,017 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on GRNT. Wall Street Zen upgraded Granite Ridge Resources from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Stephens reaffirmed an "overweight" rating and set a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. Finally, Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st.

Granite Ridge Resources Trading Down 0.6%

Shares of GRNT stock opened at $6.01 on Friday. 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, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The stock has a market capitalization of $787.47 million, a P/E ratio of 66.73 and a beta of 0.31. The firm's 50 day moving average is $5.41 and its 200 day moving average is $5.85.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. Granite Ridge Resources had a return on equity of 13.46% and a net margin of 2.98%. The firm had revenue of $122.93 million for the quarter, compared to the consensus estimate of $115.30 million. Research analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.33%. The ex-dividend date of this dividend was Friday, May 30th. Granite Ridge Resources's payout ratio is currently 488.89%.

Insider Transactions at Granite Ridge Resources

In related news, Director Matthew Reade Miller purchased 17,000 shares of Granite Ridge Resources stock in a transaction on Monday, June 16th. The stock was 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 directly owns 1,261,877 shares in the company, valued at $7,546,024.46. This represents a 1.37% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Luke C. Brandenberg acquired 6,100 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was bought at an average cost of $5.80 per share, for a total transaction of $35,380.00. Following the purchase, the chief executive officer now directly owns 157,267 shares of the company's stock, valued at approximately $912,148.60. This trade represents a 4.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 46,896 shares of company stock worth $270,002 in the last quarter. Company insiders own 8.50% of the company's stock.

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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