Arrowstreet Capital Limited Partnership Makes New $870,000 Investment in Granite Ridge Resources, Inc. (NYSE:GRNT)

Arrowstreet Capital Limited Partnership purchased a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 134,669 shares of the company's stock, valued at approximately $870,000. Arrowstreet Capital Limited Partnership owned approximately 0.10% of Granite Ridge Resources at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Quantbot Technologies LP increased its position in Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock worth $59,000 after purchasing an additional 7,960 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Granite Ridge Resources during the 4th quarter worth $68,000. Belvedere Trading LLC purchased a new position in shares of Granite Ridge Resources in the 4th quarter worth $75,000. Victory Capital Management Inc. grew its position in Granite Ridge Resources by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after acquiring an additional 2,735 shares during the period. Finally, Northwestern University acquired a new stake in Granite Ridge Resources during the fourth quarter worth about $117,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Granite Ridge Resources Stock Up 1.5 %

Shares of NYSE GRNT traded up $0.08 during trading on Thursday, reaching $4.99. 109,046 shares of the stock were exchanged, compared to its average volume of 487,990. The company has a market capitalization of $653.71 million, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. The business's 50-day moving average price is $5.73 and its 200 day moving average price is $6.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a twelve month low of $4.52 and a twelve month high of $7.10.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.11 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 8.83%. Granite Ridge Resources's dividend payout ratio is currently 314.29%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Capital One Financial cut Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Stephens reissued an "overweight" rating and issued a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $7.70.

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.