Granite Ridge Resources, Inc. (NYSE:GRNT) Stake Lessened by First Trust Advisors LP

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

Other large investors have also modified their holdings of the company. Barclays PLC raised its holdings in Granite Ridge Resources by 306.9% in the third quarter. Barclays PLC now owns 81,092 shares of the company's stock valued at $482,000 after buying an additional 61,162 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Granite Ridge Resources in the fourth quarter valued at approximately $870,000. Grey Rock Energy Management LLC purchased a new position in Granite Ridge Resources in the fourth quarter valued at approximately $357,018,000. Wells Fargo & Company MN raised its holdings in Granite Ridge Resources by 304.2% in the fourth quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock valued at $631,000 after buying an additional 73,531 shares during the period. Finally, Spider Management Company LLC raised its holdings in Granite Ridge Resources by 21.4% in the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock valued at $31,987,000 after buying an additional 872,282 shares during the period. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Up 5.5%

Shares of GRNT traded up $0.29 during mid-day trading on Monday, reaching $5.47. 46,242 shares of the stock traded hands, compared to its average volume of 487,153. The firm has a market cap of $716.65 million, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.29 and a beta of 0.23. The stock has a fifty day simple moving average of $5.33 and a 200 day simple moving average of $5.96. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

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

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors 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 dividend on an annualized basis and a dividend yield of 8.05%. Granite Ridge Resources's dividend payout ratio (DPR) is presently 488.89%.

Analyst Ratings Changes

A number of analysts have recently issued reports on GRNT shares. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Stephens reiterated 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 research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.