Invesco Ltd. decreased its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 86.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,868 shares of the company's stock after selling 488,938 shares during the quarter. Invesco Ltd. owned about 0.06% of Granite Ridge Resources worth $490,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. Grey Rock Energy Management LLC acquired a new stake in Granite Ridge Resources during the fourth quarter worth approximately $357,018,000. Spider Management Company LLC grew its position in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after buying an additional 872,282 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Granite Ridge Resources by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock valued at $27,353,000 after acquiring an additional 418,059 shares during the period. American Century Companies Inc. raised its stake in Granite Ridge Resources by 16.0% in the fourth quarter. American Century Companies Inc. now owns 2,056,078 shares of the company's stock valued at $13,282,000 after purchasing an additional 282,912 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Granite Ridge Resources by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company's stock worth $2,861,000 after buying an additional 18,348 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.
Granite Ridge Resources Stock Up 0.4 %
Shares of Granite Ridge Resources stock traded up $0.02 during trading hours on Friday, reaching $5.13. The company's stock had a trading volume of 60,041 shares, compared to its average volume of 486,952. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock's fifty day simple moving average is $5.34 and its two-hundred day simple moving average is $5.97. The company has a market capitalization of $672.72 million, a P/E ratio of 14.25, a P/E/G ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10.
Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.02. The firm had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. On average, research analysts forecast that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current year.
Granite Ridge Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.58%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources's dividend payout ratio (DPR) is currently 314.29%.
Wall Street Analyst Weigh In
Several research firms have weighed in on GRNT. Capital One Financial cut 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 issued a $8.00 target price on shares of Granite Ridge Resources in a research report on Friday, March 7th. 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 stock. According to MarketBeat, Granite Ridge Resources presently has an average rating of "Moderate Buy" and a consensus target price of $7.70.
Get Our Latest Analysis on GRNT
About Granite Ridge Resources
(
Free Report)
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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