Nuveen Asset Management LLC Lowers Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Nuveen Asset Management LLC lowered its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 11.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 989,634 shares of the company's stock after selling 132,799 shares during the period. Nuveen Asset Management LLC owned approximately 0.76% of Granite Ridge Resources worth $6,393,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted 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 valued at $59,000 after buying an additional 7,960 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $62,000. KLP Kapitalforvaltning AS purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $68,000. One68 Global Capital LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $71,000. Finally, Belvedere Trading LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $75,000. Hedge funds and other institutional investors own 31.56% of the company's stock.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 6,100 shares of the stock in a transaction on Wednesday, June 4th. The shares were bought at an average cost of $5.80 per share, with a total value of $35,380.00. Following the completion of the acquisition, the chief executive officer now owns 157,267 shares in the company, valued at $912,148.60. This trade represents a 4.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders acquired 29,914 shares of company stock valued at $168,331 over the last 90 days. Corporate insiders own 8.50% of the company's stock.

Granite Ridge Resources Trading Down 0.3%

Shares of Granite Ridge Resources stock traded down $0.02 on Wednesday, hitting $5.76. 501,393 shares of the company traded hands, compared to its average volume of 478,459. The stock's 50 day moving average price is $5.27 and its 200-day moving average price is $5.90. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 52 week low of $4.52 and a 52 week high of $7.10. The company has a market cap of $755.34 million, a PE 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 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The company had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. Equities research analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

GRNT has been the subject of several research analyst reports. Wall Street Zen raised shares of Granite Ridge Resources from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Stephens reaffirmed an "overweight" rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Finally, Capital One Financial downgraded shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus 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.