HighTower Advisors LLC Sells 51,212 Shares of Granite Ridge Resources, Inc. $GRNT

Key Points

• HighTower Advisors LLC reduced its stake in Granite Ridge Resources, Inc. by 35.2%, owning 94,442 shares worth approximately $574,000 after selling 51,212 shares in Q1.
• Granite Ridge Resources announced a quarterly dividend of $0.11 per share with a dividend yield of 7.9%, though its payout ratio is high at 183.33%.
• Wall Street analysts have downgraded Granite Ridge from a "buy" to a "hold" rating, with a consensus target price of $7.50.

HighTower Advisors LLC lowered its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 35.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,442 shares of the company's stock after selling 51,212 shares during the period. HighTower Advisors LLC owned about 0.07% of Granite Ridge Resources worth $574,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC raised its stake in Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock worth $43,000 after acquiring an additional 6,375 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after purchasing an additional 6,017 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at approximately $62,000. ProShare Advisors LLC acquired a new position in Granite Ridge Resources during the 4th quarter worth approximately $96,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Granite Ridge Resources in the 4th quarter valued at approximately $109,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Trading Up 2.1%

Shares of NYSE:GRNT traded up $0.11 during midday trading on Thursday, hitting $5.40. 528,182 shares of the stock were exchanged, compared to its average volume of 614,929. The business's 50-day moving average price is $5.51 and its 200 day moving average price is $5.57. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $709.01 million, a price-to-earnings ratio of 22.51, a P/E/G ratio of 0.76 and a beta of 0.35.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 business had revenue of $109.22 million for the quarter, compared to analyst estimates of $109.69 million. Analysts predict that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.44 annualized dividend and a dividend yield of 8.1%. Granite Ridge Resources's payout ratio is currently 183.33%.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director John Mccartney acquired 5,000 shares of the stock in a transaction dated Monday, August 18th. The stock was bought at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the completion of the transaction, the director directly owned 82,117 shares of the company's stock, valued at $431,114.25. The trade was a 6.48% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller bought 17,000 shares of Granite Ridge Resources stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average price of $5.98 per share, for a total transaction of $101,660.00. Following the completion of the acquisition, the director directly owned 1,261,877 shares of the company's stock, valued at $7,546,024.46. The trade was a 1.37% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 31,518 shares of company stock worth $178,845. 8.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Granite Ridge Resources from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Granite Ridge Resources currently has a consensus rating of "Hold" and a consensus target price of $7.50.

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.