GAMMA Investing LLC Boosts Stock Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

GAMMA Investing LLC grew its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 892.9% during the first quarter, Holdings Channel reports. The institutional investor owned 7,089 shares of the company’s stock after buying an additional 6,375 shares during the period. GAMMA Investing LLC’s holdings in Granite Ridge Resources were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GRNT. Grey Rock Energy Management LLC purchased a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $357,018,000. Georgetown University lifted its position in shares of Granite Ridge Resources by 26.6% during the 4th quarter. Georgetown University now owns 3,325,470 shares of the company’s stock valued at $21,483,000 after buying an additional 697,823 shares in the last quarter. Millennium Management LLC lifted its position in shares of Granite Ridge Resources by 4,637.3% during the 4th quarter. Millennium Management LLC now owns 481,641 shares of the company’s stock valued at $3,111,000 after buying an additional 471,474 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Granite Ridge Resources by 45.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,460,485 shares of the company’s stock valued at $9,432,000 after buying an additional 454,071 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Granite Ridge Resources by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company’s stock valued at $27,353,000 after buying an additional 418,059 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Up 2.4%

NYSE GRNT opened at $6.65 on Friday. The stock has a market cap of $871.36 million, a PE ratio of 73.84 and a beta of 0.31. Granite Ridge Resources, Inc. has a 12 month low of $4.52 and a 12 month high of $7.10. The stock’s 50 day moving average is $5.57 and its 200 day moving average is $5.86. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.02. The firm had revenue of $122.93 million for the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a return on equity of 13.46% and a net margin of 2.98%. Research analysts predict that Granite Ridge Resources, Inc. will post 0.52 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.62%. The ex-dividend date of this dividend was Friday, May 30th. Granite Ridge Resources’s dividend payout ratio is 488.89%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen raised Granite Ridge Resources from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Stephens reissued an “overweight” rating and issued a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th.

Insiders Place Their Bets

In related news, Director Matthew Reade Miller acquired 17,000 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the purchase, the director now directly owns 1,261,877 shares of the company’s stock, valued at $7,546,024.46. This trade represents a 1.37% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Luke C. Brandenberg acquired 18,252 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were bought at an average price of $5.55 per share, with a total value of $101,298.60. Following the completion of the purchase, the chief executive officer now directly owns 151,167 shares in the company, valued at $838,976.85. The trade was a 13.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 46,896 shares of company stock worth $270,002. 8.50% of the stock is currently owned by company insiders.

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.