Granite Ridge Resources, Inc. (NYSE:GRNT) Stake Raised by Wells Fargo & Company MN

Wells Fargo & Company MN raised its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 304.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 97,703 shares of the company's stock after buying an additional 73,531 shares during the quarter. Wells Fargo & Company MN owned about 0.07% of Granite Ridge Resources worth $631,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Grey Rock Energy Management LLC purchased a new position in Granite Ridge Resources during the fourth quarter worth about $357,018,000. Spider Management Company LLC lifted 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 valued at $31,987,000 after buying an additional 872,282 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after acquiring an additional 418,059 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock valued at $7,258,000 after acquiring an additional 317,303 shares during the period. Finally, American Century Companies Inc. lifted its position in Granite Ridge Resources by 16.0% during the 4th quarter. American Century Companies Inc. now owns 2,056,078 shares of the company's stock worth $13,282,000 after acquiring an additional 282,912 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GRNT. 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 lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $7.70.

Granite Ridge Resources Stock Performance

GRNT traded up $0.10 during trading on Thursday, reaching $5.07. 21,650 shares of the company were exchanged, compared to its average volume of 471,264. Granite Ridge Resources, Inc. has a 52 week low of $4.52 and a 52 week high of $7.10. The stock has a market cap of $664.85 million, a P/E ratio of 14.08, a PEG ratio of 1.29 and a beta of 0.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $5.35 and a 200 day moving average of $5.97.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.11 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.68%. 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.