Denali Advisors LLC Purchases New Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Denali Advisors LLC acquired a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 126,706 shares of the company’s stock, valued at approximately $802,000. Denali Advisors LLC owned approximately 0.10% of Granite Ridge Resources as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GRNT. Dimensional Fund Advisors LP bought a new stake in shares of Granite Ridge Resources in the 2nd quarter worth $2,891,000. American Century Companies Inc. grew its holdings in shares of Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after acquiring an additional 357,705 shares in the last quarter. Rhumbline Advisers increased its position in shares of Granite Ridge Resources by 66.5% during the second quarter. Rhumbline Advisers now owns 73,052 shares of the company’s stock valued at $462,000 after acquiring an additional 29,167 shares during the last quarter. nVerses Capital LLC bought a new stake in Granite Ridge Resources during the second quarter worth $99,000. Finally, Principal Financial Group Inc. boosted its position in Granite Ridge Resources by 17.2% in the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after purchasing an additional 3,980 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Bank of America reaffirmed a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a research report on Friday, June 14th. Two 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.95.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $6.22 on Tuesday. The business’s 50 day simple moving average is $6.45 and its 200 day simple moving average is $6.41. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10. The company has a market cap of $813.23 million, a price-to-earnings ratio of 13.82, a PEG ratio of 1.45 and a beta of 0.19. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The firm had revenue of $90.65 million during the quarter, compared to the consensus estimate of $96.97 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. Sell-side analysts forecast that Granite Ridge Resources, Inc. will post 0.59 EPS for the current year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.07%. Granite Ridge Resources’s payout ratio is 97.78%.

Insider Activity

In other Granite Ridge Resources news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the purchase, the chief financial officer now owns 76,723 shares of the company’s stock, valued at $507,906.26. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Tyler Farquharson bought 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 19th. The stock was acquired at an average price of $6.62 per share, with a total value of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at $507,906.26. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Reade Miller purchased 8,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were bought at an average price of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the transaction, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The disclosure for this purchase can be found here. Insiders have acquired a total of 29,938 shares of company stock valued at $186,497 over the last quarter. Company insiders own 1.90% of the company’s stock.

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.