Susquehanna Portfolio Strategies LLC Trims Stake in Granite Ridge Resources, Inc. (NYSE:GRNT)

Susquehanna Portfolio Strategies LLC lessened its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 84.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,419 shares of the company's stock after selling 70,244 shares during the period. Granite Ridge Resources accounts for about 0.3% of Susquehanna Portfolio Strategies LLC's portfolio, making the stock its 16th largest position. Susquehanna Portfolio Strategies LLC's holdings in Granite Ridge Resources were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP grew its position in shares of Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after acquiring an additional 7,960 shares during the period. BNP Paribas Financial Markets purchased a new stake in Granite Ridge Resources in the 4th quarter worth approximately $62,000. KLP Kapitalforvaltning AS purchased a new stake in Granite Ridge Resources in the 4th quarter worth approximately $68,000. One68 Global Capital LLC purchased a new stake in Granite Ridge Resources in the 4th quarter worth approximately $71,000. Finally, Belvedere Trading LLC purchased a new stake in Granite Ridge Resources in the 4th quarter worth approximately $75,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Insider Activity

In related news, CEO Luke C. Brandenberg acquired 18,252 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was purchased at an average cost of $5.55 per share, with a total value of $101,298.60. Following the completion of the acquisition, the chief executive officer now directly owns 151,167 shares of the company's stock, valued at approximately $838,976.85. This trade represents a 13.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased 19,814 shares of company stock valued at $110,071 over the last three months. Insiders own 8.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Stephens reissued an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th.

Granite Ridge Resources Trading Down 0.6%

Shares of NYSE GRNT traded down $0.04 during midday trading on Wednesday, hitting $5.56. 257,970 shares of the company traded hands, compared to its average volume of 484,751. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50-day moving average price of $5.35 and a 200 day moving average price of $5.95. The firm has a market cap of $728.45 million, a P/E ratio of 15.43, a P/E/G ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.20 by $0.02. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. The business had revenue of $122.93 million for the quarter, compared to analyst estimates of $115.30 million. As a group, analysts expect that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.11 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.92%. Granite Ridge Resources's dividend payout ratio 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.