First Trust Advisors LP Has $1.42 Million Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

First Trust Advisors LP decreased its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 30.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,837 shares of the company's stock after selling 94,657 shares during the quarter. First Trust Advisors LP owned about 0.17% of Granite Ridge Resources worth $1,420,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Granite Ridge Resources by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after purchasing an additional 2,735 shares in the last quarter. Quantbot Technologies LP increased its position in shares of Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after acquiring an additional 7,960 shares in the last quarter. CWA Asset Management Group LLC raised its holdings in shares of Granite Ridge Resources by 8.4% in the 4th quarter. CWA Asset Management Group LLC now owns 129,829 shares of the company's stock worth $839,000 after acquiring an additional 10,106 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Granite Ridge Resources in the 4th quarter valued at about $68,000. Finally, Mariner LLC boosted its stake in Granite Ridge Resources by 64.6% during the 4th quarter. Mariner LLC now owns 29,097 shares of the company's stock valued at $188,000 after purchasing an additional 11,424 shares during the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock opened at $4.93 on Wednesday. The business's fifty day simple moving average is $5.37 and its 200 day simple moving average is $5.98. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.10. The firm has a market capitalization of $645.84 million, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.93%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's payout ratio is 314.29%.

Wall Street Analyst Weigh In

GRNT has been the topic of a number of recent research reports. Capital One Financial lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Stephens restated an "overweight" rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Granite Ridge Resources has an average rating of "Moderate Buy" and an average target price of $7.70.

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.

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