Geode Capital Management LLC Has $7.26 Million Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Geode Capital Management LLC lifted its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 35.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,221,579 shares of the company's stock after acquiring an additional 317,303 shares during the period. Geode Capital Management LLC owned 0.93% of Granite Ridge Resources worth $7,258,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its position in shares of Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company's stock valued at $8,591,000 after purchasing an additional 357,705 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Granite Ridge Resources by 6.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company's stock valued at $7,810,000 after acquiring an additional 78,636 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company's stock worth $5,926,000 after acquiring an additional 393,787 shares during the period. State Street Corp boosted its position in shares of Granite Ridge Resources by 1.4% in the third quarter. State Street Corp now owns 887,319 shares of the company's stock worth $5,271,000 after acquiring an additional 12,607 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Granite Ridge Resources in the second quarter valued at approximately $2,891,000. Hedge funds and other institutional investors own 31.56% of the company's stock.

Analyst Ratings Changes

Separately, Evercore ISI cut their target price 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 Stock Performance

Shares of NYSE:GRNT traded up $0.02 during trading on Friday, reaching $6.67. 471,283 shares of the company's stock traded hands, compared to its average volume of 488,691. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a 50 day moving average of $6.26 and a 200-day moving average of $6.29. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $7.10. The stock has a market capitalization of $872.06 million, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 1.62 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 6.60%. Granite Ridge Resources's payout ratio is currently 122.22%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.10 per share, with a total value of $51,819.50. Following the completion of the acquisition, the chief executive officer now owns 109,128 shares of the company's stock, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Tyler Farquharson acquired 5,000 shares of the business's stock in a transaction that occurred 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 purchase, the chief financial officer now owns 86,723 shares of the company's stock, valued at approximately $568,035.65. This represents a 6.12 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 83,174 shares of company stock valued at $520,493 over the last three months. Company insiders own 1.90% of the company's stock.

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.