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

Nuveen Asset Management LLC reduced its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 989,634 shares of the company's stock after selling 132,799 shares during the period. Nuveen Asset Management LLC owned about 0.76% of Granite Ridge Resources worth $6,393,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC lifted its position in Granite Ridge Resources by 4,637.3% during the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after purchasing an additional 471,474 shares in the last quarter. Janus Henderson Group PLC raised its stake in Granite Ridge Resources by 28.8% during the 4th quarter. Janus Henderson Group PLC now owns 98,620 shares of the company's stock worth $637,000 after acquiring an additional 22,071 shares during the period. Georgetown University lifted its holdings in Granite Ridge Resources by 26.6% during the fourth quarter. Georgetown University now owns 3,325,470 shares of the company's stock valued at $21,483,000 after purchasing an additional 697,823 shares in the last quarter. Ellevest Inc. bought a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $130,000. Finally, Ethic Inc. bought a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $130,000. 31.56% of the stock is currently owned by institutional investors.

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 18,252 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the purchase, the chief executive officer now directly owns 151,167 shares of the company's stock, valued at $838,976.85. This trade represents a 13.73% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders have bought 23,814 shares of company stock valued at $132,951. 8.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GRNT has been the topic of several recent analyst reports. Capital One Financial downgraded shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Stephens restated an "overweight" rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. 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 analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $7.33.

Granite Ridge Resources Trading Down 0.7%

Shares of NYSE:GRNT traded down $0.04 during trading on Wednesday, hitting $5.74. The company had a trading volume of 113,398 shares, compared to its average volume of 478,010. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a fifty day simple moving average of $5.28 and a two-hundred day simple moving average of $5.90. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10. The stock has a market cap of $752.58 million, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations 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 analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company 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. This represents a $0.44 dividend on an annualized basis and a yield of 7.67%. The ex-dividend date of this dividend is Friday, May 30th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 488.89%.

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.