Two Sigma Advisers LP Increases Stake in Granite Ridge Resources, Inc. (NYSE:GRNT)

Two Sigma Advisers LP boosted its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 67.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 143,800 shares of the company's stock after purchasing an additional 57,700 shares during the quarter. Two Sigma Advisers LP owned 0.11% of Granite Ridge Resources worth $929,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Spider Management Company LLC boosted its holdings in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after purchasing an additional 872,282 shares during the last quarter. Northwestern University bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at about $117,000. Belvedere Trading LLC bought a new position in Granite Ridge Resources during the fourth quarter worth about $75,000. Charles Schwab Investment Management Inc. increased its position in Granite Ridge Resources by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company's stock worth $2,861,000 after acquiring an additional 18,348 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after buying an additional 2,735 shares during the period. Institutional investors and hedge funds own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock traded up $0.06 during mid-day trading on Thursday, hitting $5.81. 544,039 shares of the company traded hands, compared to its average volume of 478,369. The stock has a market cap of $761.37 million, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.31. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10. The stock has a fifty day moving average price of $5.26 and a 200-day moving average price of $5.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $122.93 million for the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. On average, equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 7.58%. The ex-dividend date is Friday, May 30th. Granite Ridge Resources's payout ratio is 488.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Finally, Stephens reiterated an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $7.33.

Insider Buying and Selling

In other news, CEO Luke C. Brandenberg bought 18,252 shares of Granite Ridge Resources stock in a transaction that occurred on Thursday, May 15th. The stock was bought at an average cost of $5.55 per share, with a total value of $101,298.60. Following the acquisition, the chief executive officer now owns 151,167 shares of the company's stock, valued at $838,976.85. The trade was a 13.73% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 29,914 shares of company stock worth $168,331 in the last quarter. Corporate insiders own 8.50% of the company's stock.

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.