Granite Ridge Resources, Inc. (NYSE:GRNT) Holdings Boosted by Georgetown University

Georgetown University raised its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 26.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,325,470 shares of the company's stock after buying an additional 697,823 shares during the period. Granite Ridge Resources comprises 6.3% of Georgetown University's portfolio, making the stock its 6th largest holding. Georgetown University owned 2.54% of Granite Ridge Resources worth $21,483,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in shares of Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock worth $116,000 after purchasing an additional 2,735 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Granite Ridge Resources by 16.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company's stock worth $127,000 after buying an additional 2,759 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after buying an additional 7,960 shares during the period. Deutsche Bank AG lifted its position in shares of Granite Ridge Resources by 37.5% during the 4th 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 in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Granite Ridge Resources during the 4th quarter valued at approximately $62,000. 31.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on GRNT. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note 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 report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.70.

Granite Ridge Resources Trading Up 1.6 %

Shares of GRNT opened at $5.19 on Friday. The firm has a market cap of $680.59 million, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. Granite Ridge Resources, Inc. has a 1 year low of $4.52 and a 1 year high of $7.10. The company has a 50 day simple moving average of $5.33 and a two-hundred day simple moving average of $5.96.

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

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.48%. Granite Ridge Resources's dividend payout ratio is currently 314.29%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.