Barclays PLC Increases Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Barclays PLC increased its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 306.9% during the third quarter, Holdings Channel reports. The institutional investor owned 81,092 shares of the company’s stock after acquiring an additional 61,162 shares during the period. Barclays PLC’s holdings in Granite Ridge Resources were worth $482,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in shares of Granite Ridge Resources by 35.8% during the 2nd 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 during the period. Bank of New York Mellon Corp raised its holdings in Granite Ridge Resources by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after purchasing an additional 78,636 shares during the last quarter. AQR Capital Management LLC raised its holdings in Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares during the last quarter. State Street Corp boosted its position in Granite Ridge Resources by 1.4% during the third quarter. State Street Corp now owns 887,319 shares of the company’s stock worth $5,271,000 after purchasing an additional 12,607 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Granite Ridge Resources in the second quarter valued at $2,891,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Evercore ISI cut their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research note on Monday, September 30th.

Insider Transactions at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg acquired 8,495 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the completion of the purchase, the chief executive officer now owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This represents a 8.44 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Reade Miller bought 41,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the transaction, the director now owns 772,491 shares of the company’s stock, valued at $4,712,195.10. The trade was a 5.60 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 83,174 shares of company stock valued at $520,493 over the last three months. 1.90% of the stock is currently owned by insiders.

Granite Ridge Resources Trading Up 2.9 %

Shares of GRNT opened at $6.65 on Friday. 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, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10. The stock has a market cap of $869.45 million, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23. The firm has a 50 day simple moving average of $6.25 and a 200-day simple moving average of $6.29.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.62%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s payout ratio is 122.22%.

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.