Hamilton Lane Advisors LLC Grows Stake in Granite Ridge Resources, Inc. (NYSE:GRNT)

Hamilton Lane Advisors LLC grew its position in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 15.5% in the 1st quarter, according to 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 accounts for 44.3% of Hamilton Lane Advisors LLC's holdings, making the stock its largest holding. Hamilton Lane Advisors LLC owned about 6.48% of Granite Ridge Resources worth $51,562,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in shares of Granite Ridge Resources by 892.9% in the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after acquiring an additional 6,375 shares in the last quarter. Parallel Advisors LLC grew its stake in Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock worth $53,000 after purchasing an additional 6,017 shares in the last quarter. Quantbot Technologies LP grew its stake in Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after purchasing an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Granite Ridge Resources during the 4th quarter worth about $62,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Granite Ridge Resources during the 4th quarter worth about $68,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Price Performance

GRNT stock traded up $0.02 on Friday, reaching $5.84. The company had a trading volume of 455,523 shares, compared to its average volume of 478,373. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The company's fifty day moving average is $5.25 and its 200 day moving average is $5.89. The company has a market cap of $765.17 million, a P/E ratio of 16.21, a PEG ratio of 1.29 and a beta of 0.31.

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

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.54%. The ex-dividend date is Friday, May 30th. Granite Ridge Resources's dividend payout ratio (DPR) is currently 488.89%.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 6,100 shares of the 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 completion of the purchase, the chief executive officer now directly owns 157,267 shares of the company's stock, valued at approximately $912,148.60. The trade was a 4.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders purchased 29,914 shares of company stock worth $168,331. Corporate insiders own 8.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on GRNT. Stephens reaffirmed an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial cut Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Finally, Wall Street Zen upgraded Granite Ridge Resources from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.33.

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.