HighTower Advisors LLC Buys Shares of 145,654 Granite Ridge Resources, Inc. (NYSE:GRNT)

HighTower Advisors LLC acquired a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 145,654 shares of the company's stock, valued at approximately $941,000. HighTower Advisors LLC owned 0.11% of Granite Ridge Resources as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in GRNT. Belvedere Trading LLC bought a new position in Granite Ridge Resources in the fourth quarter worth $75,000. Victory Capital Management Inc. boosted its stake in Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company's stock valued at $116,000 after buying an additional 2,735 shares in the last quarter. Northwestern University bought a new stake in Granite Ridge Resources in the fourth quarter valued at $117,000. Ashton Thomas Private Wealth LLC bought a new stake in Granite Ridge Resources in the fourth quarter valued at $200,000. Finally, PDT Partners LLC acquired a new position in Granite Ridge Resources during the third quarter worth $281,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on GRNT shares. Stephens restated an "overweight" rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th. Capital One Financial downgraded Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.70.

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Granite Ridge Resources Trading Down 0.6 %

Granite Ridge Resources stock traded down $0.04 during mid-day trading on Friday, hitting $6.20. The stock had a trading volume of 339,937 shares, compared to its average volume of 467,240. The stock has a 50-day simple moving average of $6.08 and a two-hundred day simple moving average of $6.20. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $810.39 million, a PE ratio of 17.21, a P/E/G ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a 12 month low of $5.27 and a 12 month high of $7.10.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.10%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's dividend payout ratio (DPR) is 314.29%.

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.