Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Bought by Hamilton Lane Advisors LLC

Hamilton Lane Advisors LLC increased its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,480,587 shares of the company's stock after buying an additional 1,139,430 shares during the quarter. Granite Ridge Resources comprises approximately 44.3% of Hamilton Lane Advisors LLC's investment portfolio, making the stock its largest holding. Hamilton Lane Advisors LLC owned 6.48% of Granite Ridge Resources worth $51,562,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GRNT. Arrowstreet Capital Limited Partnership purchased a new stake in Granite Ridge Resources during the 4th quarter worth approximately $870,000. Wells Fargo & Company MN raised its position in shares of Granite Ridge Resources by 304.2% in the fourth quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock valued at $631,000 after buying an additional 73,531 shares during the last quarter. Grey Rock Energy Management LLC purchased a new position in Granite Ridge Resources in the 4th quarter worth approximately $357,018,000. Deutsche Bank AG boosted its holdings in shares of Granite Ridge Resources by 37.5% during the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock worth $215,000 after purchasing an additional 9,055 shares during the last quarter. Finally, Spider Management Company LLC increased its holdings in shares of Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock valued at $31,987,000 after purchasing an additional 872,282 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Granite Ridge Resources Stock Down 0.3%

Granite Ridge Resources stock traded down $0.02 during mid-day trading on Wednesday, hitting $5.76. The company had a trading volume of 501,393 shares, compared to its average volume of 479,502. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.10. The business has a fifty day moving average of $5.28 and a 200 day moving average of $5.90. The stock has a market cap of $755.34 million, a price-to-earnings ratio of 16.00, a PEG ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The company had revenue of $122.93 million during the quarter, compared to analysts' expectations of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. On average, sell-side analysts expect 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 disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.64%. Granite Ridge Resources's dividend payout ratio is presently 488.89%.

Wall Street Analysts Forecast Growth

GRNT has been the subject of several recent analyst reports. 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. Stephens reissued an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. Finally, Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $7.33.

Insider Activity

In related news, CEO Luke C. Brandenberg purchased 18,252 shares of the stock in a transaction dated Thursday, May 15th. The shares were acquired at an average cost of $5.55 per share, with a total value of $101,298.60. Following the purchase, the chief executive officer now directly owns 151,167 shares in the company, valued at $838,976.85. This trade represents a 13.73% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders acquired 29,914 shares of company stock valued at $168,331. 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.