Grey Rock Energy Management LLC Makes New Investment in Granite Ridge Resources, Inc. (NYSE:GRNT)

Grey Rock Energy Management LLC bought a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 55,265,968 shares of the company's stock, valued at approximately $357,018,000. Granite Ridge Resources accounts for approximately 100.0% of Grey Rock Energy Management LLC's portfolio, making the stock its biggest holding. Grey Rock Energy Management LLC owned approximately 42.27% of Granite Ridge Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of GRNT. Belvedere Trading LLC bought a new position in Granite Ridge Resources in the 4th quarter valued at approximately $75,000. Victory Capital Management Inc. lifted its holdings in shares of Granite Ridge Resources by 18.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after purchasing an additional 2,735 shares in the last quarter. Northwestern University bought a new stake in shares of Granite Ridge Resources in the 4th quarter worth $117,000. Intech Investment Management LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at approximately $162,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $200,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on GRNT. Capital One Financial downgraded shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Stephens reaffirmed an "overweight" rating and set a $8.00 target price on shares of Granite Ridge Resources in a report 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 stock. Based on data from MarketBeat.com, Granite Ridge Resources has an average rating of "Moderate Buy" and a consensus price target of $7.70.

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Granite Ridge Resources Price Performance

Shares of GRNT traded down $0.11 during midday trading on Friday, hitting $6.00. 631,875 shares of the company traded hands, compared to its average volume of 458,115. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $784.22 million, a price-to-earnings ratio of 16.65, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a 52 week low of $5.27 and a 52 week high of $7.10. The firm has a 50 day moving average of $6.15 and a 200-day moving average of $6.19.

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 issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.34%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources's payout ratio is 314.29%.

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.