Charles Schwab Investment Management Inc. Boosts Stock Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Charles Schwab Investment Management Inc. raised its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 50.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 424,593 shares of the company's stock after buying an additional 141,634 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.32% of Granite Ridge Resources worth $2,522,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRNT. American Century Companies Inc. raised its stake in Granite Ridge Resources by 35.8% in the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company's stock worth $8,591,000 after acquiring an additional 357,705 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Granite Ridge Resources by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company's stock worth $7,810,000 after purchasing an additional 78,636 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company's stock worth $5,926,000 after purchasing an additional 393,787 shares during the period. Dimensional Fund Advisors LP purchased a new stake in Granite Ridge Resources in the second quarter valued at approximately $2,891,000. Finally, Sfmg LLC increased its holdings in Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company's stock worth $1,212,000 after buying an additional 9,960 shares during the period. Institutional investors and hedge funds own 31.56% of the company's stock.

Insider Activity

In other Granite Ridge Resources news, CFO Tyler Farquharson bought 5,000 shares of Granite Ridge Resources stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the chief financial officer now directly owns 86,723 shares of the company's stock, valued at $568,035.65. This trade represents a 6.12 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Matthew Reade Miller bought 41,000 shares of the firm's stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $6.10 per share, for a total transaction of $250,100.00. Following the transaction, the director now directly owns 772,491 shares of the company's stock, valued at $4,712,195.10. The trade was a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 82,668 shares of company stock worth $517,442 over the last ninety days. Corporate insiders own 1.90% of the company's stock.

Granite Ridge Resources Price Performance

Shares of GRNT stock traded down $0.07 on Monday, reaching $6.03. 476,534 shares of the company were exchanged, compared to its average volume of 438,837. The company has a market cap of $788.39 million, a price-to-earnings ratio of 16.94, a P/E/G ratio of 1.62 and a beta of 0.23. Granite Ridge Resources, Inc. has a 1 year low of $5.20 and a 1 year high of $7.10. The business has a 50-day moving average price of $6.25 and a 200 day moving average price of $6.31. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 7.30%. Granite Ridge Resources's payout ratio is 122.22%.

Analysts Set New Price Targets

Separately, Evercore ISI cut their price target on Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating on the stock in a research report on Monday, September 30th.

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.