Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Sold by Zazove Associates LLC

Key Points

• Zazove Associates LLC reduced its stake in Granite Ridge Resources by 10.7% in the first quarter, retaining 815,420 shares valued at approximately $4.96 million.
• Insider transactions included Director Matthew Reade Miller purchasing 17,000 shares, increasing his stake by 1.37%, and CEO Luke C. Brandenberg acquiring 6,100 shares, boosting his position by 4.04%.
• Granite Ridge Resources announced a quarterly dividend of $0.11 per share, representing an annualized yield of 8.2%, despite a high dividend payout ratio of 183.33%.

Zazove Associates LLC reduced its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 815,420 shares of the company's stock after selling 98,093 shares during the period. Zazove Associates LLC owned approximately 0.62% of Granite Ridge Resources worth $4,958,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GRNT. Vanguard Group Inc. increased 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 valued at $27,353,000 after acquiring an additional 418,059 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Granite Ridge Resources by 304.2% in the fourth quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after acquiring an additional 73,531 shares during the last quarter. Barclays PLC lifted its stake in Granite Ridge Resources by 35.1% in the fourth quarter. Barclays PLC now owns 109,545 shares of the company's stock worth $708,000 after acquiring an additional 28,453 shares during the last quarter. Mariner LLC lifted its stake in Granite Ridge Resources by 64.6% in the fourth quarter. Mariner LLC now owns 29,097 shares of the company's stock worth $188,000 after acquiring an additional 11,424 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Granite Ridge Resources during the 4th quarter worth approximately $150,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock traded down $0.07 during trading hours on Friday, reaching $5.26. 569,257 shares of the stock were exchanged, compared to its average volume of 600,232. The stock has a market cap of $690.36 million, a P/E ratio of 21.92, a P/E/G ratio of 0.73 and a beta of 0.34. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. Granite Ridge Resources, Inc. has a 52-week low of $4.52 and a 52-week high of $7.00. The firm's 50 day moving average is $5.69 and its 200 day moving average is $5.63.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%. The firm had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date of this dividend is Friday, August 29th. Granite Ridge Resources's dividend payout ratio is presently 183.33%.

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 6,100 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were acquired at an average cost of $5.80 per share, for a total transaction of $35,380.00. Following the acquisition, the chief executive officer directly owned 157,267 shares in the company, valued at approximately $912,148.60. The trade was a 4.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Reade Miller purchased 17,000 shares of the business's stock in a transaction that occurred 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 acquisition, the director directly owned 1,261,877 shares of the company's stock, valued at $7,546,024.46. This trade represents a 1.37% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 30,644 shares of company stock worth $179,193. 8.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th.

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.