Jacobs Levy Equity Management Inc. Sells 138,275 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Jacobs Levy Equity Management Inc. reduced its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 90.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,943 shares of the company's stock after selling 138,275 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in Granite Ridge Resources were worth $97,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Spider Management Company LLC boosted its position in 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 worth $31,987,000 after purchasing an additional 872,282 shares during the last quarter. Northwestern University purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth about $117,000. Belvedere Trading LLC purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth about $75,000. Charles Schwab Investment Management Inc. grew 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 valued at $2,861,000 after buying an additional 18,348 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Granite Ridge Resources by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock worth $116,000 after buying an additional 2,735 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

Granite Ridge Resources Stock Performance

NYSE GRNT traded up $0.06 during trading on Friday, hitting $5.56. 241,782 shares of the company's stock traded hands, compared to its average volume of 484,362. 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 stock has a market capitalization of $728.45 million, a price-to-earnings ratio of 15.43, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The business has a 50 day moving average of $5.33 and a 200-day moving average of $5.94.

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

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.92%. Granite Ridge Resources's dividend payout ratio is currently 488.89%.

Analyst Ratings Changes

A number of research analysts have weighed in on GRNT shares. Stephens reiterated an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Finally, Wall Street Zen raised Granite Ridge Resources from a "hold" rating to a "buy" rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $7.33.

Insider Transactions at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 18,252 shares of the stock in a transaction dated Thursday, May 15th. The shares were purchased at an average cost of $5.55 per share, with a total value of $101,298.60. Following the completion of the acquisition, the chief executive officer now owns 151,167 shares in the company, valued at $838,976.85. This represents a 13.73% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders purchased 19,814 shares of company stock valued at $110,071 over the last three months. Company 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.