Intech Investment Management LLC Buys Shares of 25,026 Granite Ridge Resources, Inc. (NYSE:GRNT)

Intech Investment Management LLC purchased a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 25,026 shares of the company’s stock, valued at approximately $162,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Belvedere Trading LLC bought a new position in Granite Ridge Resources during the fourth quarter valued at approximately $75,000. Victory Capital Management Inc. increased its stake in shares of Granite Ridge Resources by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock worth $116,000 after purchasing an additional 2,735 shares during the last quarter. Northwestern University bought a new position in shares of Granite Ridge Resources during the 4th quarter valued at $117,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Granite Ridge Resources in the 4th quarter valued at $200,000. Finally, PDT Partners LLC bought a new stake in Granite Ridge Resources in the third quarter worth $281,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens restated an “overweight” rating and set a $8.00 target price 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 report on Friday, February 21st. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.70.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $6.22 on Friday. The company has a market capitalization of $813.00 million, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23. 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 one year low of $5.27 and a one year high of $7.10. The company’s fifty day moving average price is $6.09 and its 200 day moving average price is $6.20.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.11 per share. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a dividend yield of 7.08%. Granite Ridge Resources’s dividend payout ratio is presently 314.29%.

Granite Ridge Resources 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.