Bank of New York Mellon Corp Sells 211,276 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Bank of New York Mellon Corp cut its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,002,171 shares of the company's stock after selling 211,276 shares during the period. Bank of New York Mellon Corp owned approximately 0.77% of Granite Ridge Resources worth $6,474,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Spider Management Company LLC lifted its holdings in Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company's stock worth $31,987,000 after acquiring an additional 872,282 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock valued at $7,258,000 after purchasing an additional 317,303 shares in the last quarter. State Street Corp lifted its holdings in shares of Granite Ridge Resources by 1.4% during the 3rd quarter. State Street Corp now owns 887,319 shares of the company's stock valued at $5,271,000 after purchasing an additional 12,607 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Granite Ridge Resources by 50.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company's stock valued at $2,522,000 after purchasing an additional 141,634 shares during the period. Finally, CWA Asset Management Group LLC increased its stake in Granite Ridge Resources by 8.4% during the 4th quarter. CWA Asset Management Group LLC now owns 129,829 shares of the company's stock worth $839,000 after purchasing an additional 10,106 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.

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Granite Ridge Resources Stock Up 0.1 %

Granite Ridge Resources stock traded up $0.01 during mid-day trading on Thursday, reaching $6.10. The company's stock had a trading volume of 138,214 shares, compared to its average volume of 455,819. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources, Inc. has a 12 month low of $5.27 and a 12 month high of $7.10. The business's 50 day simple moving average is $6.18 and its 200 day simple moving average is $6.20. The company has a market capitalization of $797.31 million, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.22%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's dividend payout ratio is currently 314.29%.

Wall Street Analyst Weigh In

GRNT has been the topic of a number of research reports. Stephens reaffirmed an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday, March 7th. Capital One Financial cut shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Three equities research 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. Based on data from MarketBeat.com, Granite Ridge Resources has a consensus rating of "Moderate Buy" and a consensus target price 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.