Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Bought by Millennium Management LLC

Millennium Management LLC lifted its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 4,637.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 481,641 shares of the company's stock after buying an additional 471,474 shares during the quarter. Millennium Management LLC owned approximately 0.37% of Granite Ridge Resources worth $3,111,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantbot Technologies LP grew its position in shares of Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after buying an additional 7,960 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Granite Ridge Resources in the fourth quarter valued at approximately $62,000. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources in the fourth quarter valued at approximately $68,000. One68 Global Capital LLC acquired a new position in Granite Ridge Resources in the fourth quarter valued at approximately $71,000. Finally, Belvedere Trading LLC acquired a new position in Granite Ridge Resources in the fourth quarter valued at approximately $75,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GRNT. Stephens reaffirmed an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report 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, May 22nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $7.33.

Granite Ridge Resources Stock Performance

NYSE GRNT traded down $0.02 on Wednesday, reaching $5.76. The stock had a trading volume of 501,393 shares, compared to its average volume of 478,459. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The business's 50-day moving average price is $5.27 and its 200 day moving average price is $5.90. The stock has a market cap of $755.34 million, a P/E ratio of 16.00, a price-to-earnings-growth 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. 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 during the quarter, compared to analysts' expectations of $115.30 million. As a group, equities analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.64%. The ex-dividend date is Friday, May 30th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 488.89%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 6,100 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was purchased at an average price of $5.80 per share, for a total transaction of $35,380.00. Following the completion of the transaction, the chief executive officer now owns 157,267 shares of the company's stock, valued at $912,148.60. The trade was a 4.04% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders acquired 29,914 shares of company stock worth $168,331. 8.50% of the stock is owned by corporate insiders.

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.