Inlight Wealth Management LLC Takes Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Inlight Wealth Management LLC bought a new position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 239,968 shares of the company's stock, valued at approximately $1,550,000. Inlight Wealth Management LLC owned 0.18% of Granite Ridge Resources at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in GRNT. Quantbot Technologies LP lifted its holdings in shares of Granite Ridge Resources by 691.0% during the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after purchasing an additional 7,960 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Granite Ridge Resources in the fourth quarter worth about $68,000. Belvedere Trading LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter worth approximately $75,000. Victory Capital Management Inc. grew its holdings in shares of Granite Ridge Resources by 18.0% during the fourth 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 during the last quarter. Finally, Northwestern University purchased a new position in Granite Ridge Resources in the 4th quarter worth approximately $117,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Granite Ridge Resources Trading Up 2.3 %

GRNT traded up $0.11 on Wednesday, hitting $4.93. The company had a trading volume of 157,492 shares, compared to its average volume of 489,883. The company has a market cap of $646.50 million, a PE ratio of 13.69, a PEG ratio of 1.29 and a beta of 0.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The business's fifty day simple moving average is $5.75 and its 200 day simple moving average is $6.11. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.92%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's payout ratio is 314.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Capital One Financial lowered Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. 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. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Granite Ridge Resources currently has an average rating of "Moderate Buy" and a consensus price target 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.