Squarepoint Ops LLC Buys Shares of 301,255 Granite Ridge Resources, Inc. $GRNT

Key Points

• Squarepoint Ops LLC acquired 301,255 shares of Granite Ridge Resources during the second quarter, valued at approximately $1.33 million and representing about 0.23% of the company.
• Granite Ridge reported quarterly earnings of $0.09 per share, exceeding estimates by $0.01, while revenue of $149.27 million also surpassed expectations. The company declared a quarterly dividend of $0.11 per share, equivalent to an annualized yield of approximately 8.9%.
• GRNT recently traded at $4.94, down 7.1%, despite insider purchases totaling 24,000 shares over the past 90 days. Analyst sentiment is mixed but averages a “Moderate Buy” rating, with a consensus price target of $10.00.

Squarepoint Ops LLC purchased a new stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 301,255 shares of the company's stock, valued at approximately $1,329,000. Squarepoint Ops LLC owned about 0.23% of Granite Ridge Resources as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in GRNT. Corient Private Wealth LP lifted its position in Granite Ridge Resources by 13.8% during the second quarter. Corient Private Wealth LP now owns 33,450 shares of the company's stock valued at $148,000 after purchasing an additional 4,058 shares during the period. HighTower Advisors LLC bought a new stake in Granite Ridge Resources in the 2nd quarter worth approximately $80,000. Susquehanna Fundamental Investments LLC purchased a new stake in Granite Ridge Resources during the 2nd quarter valued at $47,000. Susquehanna International Group LLP raised its stake in Granite Ridge Resources by 17.0% during the 2nd quarter. Susquehanna International Group LLP now owns 72,331 shares of the company's stock valued at $319,000 after buying an additional 10,510 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Granite Ridge Resources by 39.8% during the 2nd quarter. Hsbc Holdings PLC now owns 91,642 shares of the company's stock valued at $406,000 after buying an additional 26,112 shares during the period. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Trading Down 7.1%

NYSE:GRNT opened at $4.94 on Thursday. Granite Ridge Resources, Inc. has a one year low of $4.18 and a one year high of $6.14. The business has a fifty day moving average price of $4.92 and a 200-day moving average price of $5.11. The firm has a market capitalization of $651.59 million, a price-to-earnings ratio of -23.52 and a beta of 0.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The company had revenue of $149.27 million for the quarter, compared to the consensus estimate of $139.44 million. Sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.43 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 28th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.9%. The ex-dividend date of this dividend was Friday, August 28th. Granite Ridge Resources's payout ratio is presently -209.52%.

Insider Activity at Granite Ridge Resources

In related news, Director John McCartney acquired 5,000 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was bought at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the purchase, the director owned 154,143 shares in the company, valued at $776,880.72. The trade was a 3.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ronald Kettler bought 6,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average cost of $5.05 per share, with a total value of $30,300.00. Following the completion of the acquisition, the chief financial officer directly owned 135,276 shares in the company, valued at $683,143.80. This represents a 4.64% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 24,000 shares of company stock worth $120,800. 8.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on GRNT. Freedom Capital upgraded Granite Ridge Resources from a "hold" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Wall Street Zen raised Granite Ridge Resources from a "sell" rating to a "buy" rating in a report on Sunday, August 9th. Zacks Research raised Granite Ridge Resources from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Weiss Ratings restated a "sell (d+)" rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Finally, Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an "outperform" rating and a $9.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Ridge Resources presently has an average rating of "Moderate Buy" and an average price target of $10.00.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc NYSE: GRNT is an independent oil and natural gas exploration and production company focused primarily on non-operated assets. Rather than serving as the primary operator of most properties, the company invests alongside established exploration and production companies and participates in the development of unconventional wells.

The company's portfolio includes interests in producing properties, undeveloped acreage and mineral assets across several major U.S.

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