CWA Asset Management Group LLC Buys Shares of 119,723 Granite Ridge Resources, Inc. (NYSE:GRNT)

CWA Asset Management Group LLC purchased a new position in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 119,723 shares of the company's stock, valued at approximately $711,000. CWA Asset Management Group LLC owned approximately 0.09% of Granite Ridge Resources at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GRNT. CWM LLC grew its position in shares of Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company's stock valued at $65,000 after acquiring an additional 9,978 shares during the period. Ground Swell Capital LLC acquired a new position in Granite Ridge Resources during the 3rd quarter worth $66,000. nVerses Capital LLC acquired a new stake in shares of Granite Ridge Resources during the 2nd quarter worth about $99,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company's stock worth $100,000 after acquiring an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company's stock valued at $147,000 after buying an additional 7,965 shares during the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Price Performance

Shares of NYSE:GRNT traded up $0.13 on Monday, reaching $6.64. 383,050 shares of the company traded hands, compared to its average volume of 425,237. The company's 50 day moving average is $6.10 and its 200-day moving average is $6.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. The stock has a market capitalization of $868.14 million, a PE ratio of 18.44, a P/E/G ratio of 1.71 and a beta of 0.19. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $7.10.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.53%. The firm had revenue of $90.65 million during the quarter, compared to analysts' expectations of $96.97 million. During the same quarter last year, the firm earned $0.19 EPS. As a group, analysts anticipate that Granite Ridge Resources, Inc. will post 0.55 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.63%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources's dividend payout ratio (DPR) is currently 122.22%.

Insiders Place Their Bets

In related news, CFO Tyler Farquharson purchased 5,000 shares of the stock in a transaction on Monday, August 19th. The shares were purchased at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the transaction, the chief financial officer now directly owns 76,723 shares of the company's stock, valued at approximately $507,906.26. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, August 19th. The shares were purchased at an average price of $6.62 per share, with a total value of $33,100.00. Following the acquisition, the chief financial officer now owns 76,723 shares in the company, valued at $507,906.26. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Reade Miller bought 4,938 shares of the stock in a transaction dated Friday, August 16th. The stock was purchased at an average cost of $6.50 per share, with a total value of $32,097.00. Following the completion of the purchase, the director now directly owns 679,996 shares in the company, valued at approximately $4,419,974. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 30,433 shares of company stock worth $189,581 in the last ninety days. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

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

About Granite Ridge Resources

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.