Granite Ridge Resources, Inc. (NYSE:GRNT) Shares Sold by Invesco Ltd.

Invesco Ltd. reduced its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 86.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,868 shares of the company's stock after selling 488,938 shares during the period. Invesco Ltd. owned approximately 0.06% of Granite Ridge Resources worth $490,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wells Fargo & Company MN increased its stake in shares of Granite Ridge Resources by 304.2% during the fourth quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after buying an additional 73,531 shares during the period. Trexquant Investment LP purchased a new stake in shares of Granite Ridge Resources during the 4th quarter worth $277,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth $870,000. Vanguard Group Inc. increased its holdings in Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock valued at $27,353,000 after buying an additional 418,059 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Granite Ridge Resources during the 4th quarter worth about $68,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Analyst Upgrades and Downgrades

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

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded up $0.02 during trading on Tuesday, hitting $4.93. 272,802 shares of the company were exchanged, compared to its average volume of 490,399. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average price of $5.37 and a 200 day moving average price of $5.98. The stock has a market capitalization of $645.84 million, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.10.

Granite Ridge Resources Dividend Announcement

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

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.