Strs Ohio Makes New $517,000 Investment in Granite Ridge Resources, Inc. $GRNT

Key Points

• Strs Ohio invested approximately $517,000 in Granite Ridge Resources, Inc. (NYSE:GRNT), acquiring 85,100 shares during the first quarter.
• Institutional investors collectively own 31.56% of Granite Ridge Resources, with notable increases from firms such as CWA Asset Management Group and GAMMA Investing LLC.
• The company recently announced a quarterly dividend of $0.11 per share, reflecting a substantial dividend payout ratio of 183.33%.

Strs Ohio purchased a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 85,100 shares of the company's stock, valued at approximately $517,000. Strs Ohio owned approximately 0.06% of Granite Ridge Resources as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GRNT. Ameriprise Financial Inc. lifted its stake in Granite Ridge Resources by 213.6% in the fourth quarter. Ameriprise Financial Inc. now owns 49,695 shares of the company's stock valued at $321,000 after buying an additional 33,848 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Granite Ridge Resources in the fourth quarter valued at approximately $62,000. Deutsche Bank AG lifted its stake in Granite Ridge Resources by 37.5% in the fourth quarter. Deutsche Bank AG now owns 33,212 shares of the company's stock valued at $215,000 after buying an additional 9,055 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Granite Ridge Resources by 28.8% in the fourth quarter. Janus Henderson Group PLC now owns 98,620 shares of the company's stock valued at $637,000 after buying an additional 22,071 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Granite Ridge Resources by 4,637.3% in the fourth quarter. Millennium Management LLC now owns 481,641 shares of the company's stock valued at $3,111,000 after buying an additional 471,474 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock traded up $0.05 during trading hours on Monday, hitting $5.45. 409,396 shares of the company were exchanged, compared to its average volume of 507,234. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average of $5.34 and a 200-day moving average of $5.53. The stock has a market capitalization of $715.31 million, a price-to-earnings ratio of 8.44, a P/E/G ratio of 0.77 and a beta of 0.35.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Granite Ridge Resources had a return on equity of 13.09% and a net margin of 7.47%. As a group, analysts expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.44 annualized dividend and a yield of 8.1%. Granite Ridge Resources's dividend payout ratio is 183.33%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Granite Ridge Resources from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $7.50.

Insiders Place Their Bets

In other news, Director John Mccartney bought 5,000 shares of the stock in a transaction on Monday, August 18th. The shares were bought at an average price of $5.25 per share, with a total value of $26,250.00. Following the completion of the acquisition, the director owned 82,117 shares of the company's stock, valued at approximately $431,114.25. This trade represents a 6.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 14,574 shares of company stock valued at $77,142 over the last quarter. 8.50% of the stock is currently 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.