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

Wells Fargo & Company MN boosted its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 304.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,703 shares of the company's stock after buying an additional 73,531 shares during the period. Wells Fargo & Company MN owned approximately 0.07% of Granite Ridge Resources worth $631,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of GRNT. Trexquant Investment LP acquired a new stake in shares of Granite Ridge Resources in the fourth quarter valued at $277,000. Arrowstreet Capital Limited Partnership acquired a new position in Granite Ridge Resources in the 4th quarter valued at about $870,000. Vanguard Group Inc. increased its stake in Granite Ridge Resources by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock worth $27,353,000 after purchasing an additional 418,059 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Granite Ridge Resources during the fourth quarter worth about $68,000. Finally, Sfmg LLC boosted its stake in shares of Granite Ridge Resources by 22.4% in the fourth quarter. Sfmg LLC now owns 234,243 shares of the company's stock valued at $1,513,000 after purchasing an additional 42,823 shares during the period. Institutional investors and hedge funds own 31.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GRNT shares. Capital One Financial downgraded 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 issued a $8.00 price objective on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $7.70.

Granite Ridge Resources Stock Up 0.3 %

Shares of GRNT traded up $0.02 during midday trading on Tuesday, reaching $4.93. The stock had a trading volume of 272,802 shares, compared to its average volume of 491,024. The company has a market cap of $645.84 million, a price-to-earnings ratio of 13.68, a PEG ratio of 1.29 and a beta of 0.23. The company's fifty day simple moving average is $5.39 and its two-hundred day simple moving average is $5.99. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.10. 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 Announces Dividend

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 dividend payout ratio is presently 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.