Dimensional Fund Advisors LP Has $19.41 Million Position in Granite Ridge Resources, Inc. $GRNT

Key Points

• Dimensional Fund Advisors increased its Granite Ridge Resources stake by 15.7% in the first quarter, holding 3.31 million shares worth approximately $19.4 million, or 2.51% of the company. Institutional investors and hedge funds collectively own 31.56% of GRNT.
• Analyst sentiment is mixed: Northland Securities initiated an “outperform” rating, while several firms downgraded the stock. MarketBeat’s consensus rating is “Hold”, with an average price target of $10 versus the recent $4.87 share price.
• Granite Ridge reported quarterly EPS of $0.09, beating estimates by $0.01, and revenue of $149.27 million. The company declared a quarterly dividend of $0.11, representing a 9.0% annualized yield, while insiders purchased 148,780 shares over the past 90 days.

Dimensional Fund Advisors LP increased its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 15.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,306,999 shares of the company's stock after purchasing an additional 448,066 shares during the period. Dimensional Fund Advisors LP owned approximately 2.51% of Granite Ridge Resources worth $19,414,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Sherbrooke Park Advisers LLC lifted its holdings in shares of Granite Ridge Resources by 12.9% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company's stock valued at $111,000 after buying an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company's stock valued at $132,000 after purchasing an additional 2,596 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company's stock valued at $152,000 after purchasing an additional 2,798 shares during the period. Wilmington Savings Fund Society FSB increased its position in shares of Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock valued at $62,000 after purchasing an additional 3,010 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company's stock valued at $140,000 after purchasing an additional 3,550 shares during the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on GRNT shares. Northland Securities initiated coverage on Granite Ridge Resources in a research note on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price objective for the company. Wall Street Zen downgraded shares of Granite Ridge Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Stephens dropped their price target on shares of 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. Weiss Ratings cut shares of Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, May 22nd. Finally, Zacks Research downgraded Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Granite Ridge Resources presently has an average rating of "Hold" and an average target price of $10.00.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock opened at $4.87 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $642.75 million, a P/E ratio of -23.20 and a beta of 0.20. Granite Ridge Resources, Inc. has a 1-year low of $4.18 and a 1-year high of $6.14. The company's 50-day moving average is $4.67 and its 200 day moving average is $5.08.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The company had revenue of $149.27 million during the quarter, compared to analysts' expectations of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%. Research analysts forecast that Granite Ridge Resources, Inc. will post 0.41 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 9.0%. The ex-dividend date of this dividend is Friday, August 28th. Granite Ridge Resources's dividend payout ratio is presently -176.00%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller bought 18,180 shares of the stock in a transaction on Wednesday, May 13th. The stock was bought at an average cost of $5.21 per share, for a total transaction of $94,717.80. Following the completion of the purchase, the director directly owned 1,350,213 shares in the company, valued at approximately $7,034,609.73. The trade was a 1.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tyler Farquharson bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $5.15 per share, with a total value of $51,500.00. Following the completion of the purchase, the chief executive officer owned 344,743 shares in the company, valued at approximately $1,775,426.45. This trade represents a 2.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 148,780 shares of company stock valued at $798,208 in the last ninety days. Company insiders own 8.60% of the company's stock.

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.

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