Vanguard Group Inc. Trims Position in Granite Ridge Resources, Inc. $GRNT

Key Points

• Vanguard Group Inc. has reduced its holdings in Granite Ridge Resources by 1.2%, selling 52,176 shares to own approximately 3.19% of the company, valued at $25.4 million.
• Analysts recently downgraded Granite Ridge Resources from a "buy" rating to a "hold" rating, with a consensus price target of $7.50 per share.
• The company reported $0.11 earnings per share for the last quarter, missing expectations, and has announced a quarterly dividend of $0.11 per share, representing an annualized yield of 7.8%.

Vanguard Group Inc. cut its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,182,100 shares of the company's stock after selling 52,176 shares during the period. Vanguard Group Inc. owned 3.19% of Granite Ridge Resources worth $25,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GRNT. GAMMA Investing LLC grew its stake in Granite Ridge Resources by 892.9% during the first quarter. GAMMA Investing LLC now owns 7,089 shares of the company's stock valued at $43,000 after acquiring an additional 6,375 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Granite Ridge Resources by 222.4% in the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company's stock valued at $53,000 after purchasing an additional 6,017 shares during the period. BNP Paribas Financial Markets bought a new position in Granite Ridge Resources in the 4th quarter valued at $62,000. ProShare Advisors LLC purchased a new position in shares of Granite Ridge Resources during the 4th quarter valued at $96,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter worth $109,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg purchased 6,100 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was acquired at an average price of $5.80 per share, with a total value of $35,380.00. Following the transaction, the chief executive officer directly owned 157,267 shares of the company's stock, valued at approximately $912,148.60. This represents a 4.04% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Mccartney purchased 5,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $5.25 per share, for a total transaction of $26,250.00. Following the acquisition, the director owned 82,117 shares in the company, valued at approximately $431,114.25. The trade was a 6.48% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 37,618 shares of company stock worth $214,225 in the last three months. 8.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Granite Ridge Resources Price Performance

Shares of GRNT traded up $0.09 during midday trading on Tuesday, reaching $5.65. The stock had a trading volume of 312,001 shares, compared to its average volume of 553,875. 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 company has a market capitalization of $741.30 million, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company's 50-day moving average is $5.57 and its 200 day moving average is $5.58. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.00.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). The company had revenue of $109.22 million during 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%. On average, equities analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Friday, August 29th. Granite Ridge Resources's dividend payout ratio is currently 183.33%.

About Granite Ridge Resources

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.