Granite Ridge Resources, Inc. (NYSE:GRNT) Stock Position Raised by Sfmg LLC

Sfmg LLC grew its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 22.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 234,243 shares of the company's stock after buying an additional 42,823 shares during the quarter. Sfmg LLC owned 0.18% of Granite Ridge Resources worth $1,513,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRNT. GSA Capital Partners LLP bought a new stake in Granite Ridge Resources during the third quarter valued at $361,000. Charles Schwab Investment Management Inc. raised its position in shares of Granite Ridge Resources by 50.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company's stock worth $2,522,000 after purchasing an additional 141,634 shares during the period. PDT Partners LLC bought a new stake in shares of Granite Ridge Resources in the 3rd quarter worth approximately $281,000. Janus Henderson Group PLC boosted its position in Granite Ridge Resources by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company's stock valued at $455,000 after purchasing an additional 21,852 shares during the period. Finally, State Street Corp boosted its position in Granite Ridge Resources by 1.4% during the 3rd quarter. State Street Corp now owns 887,319 shares of the company's stock valued at $5,271,000 after purchasing an additional 12,607 shares during the period. Institutional investors own 31.56% of the company's stock.

Granite Ridge Resources Price Performance

NYSE:GRNT traded up $0.09 during midday trading on Wednesday, hitting $6.21. 419,184 shares of the stock were exchanged, compared to its average volume of 458,112. The business has a 50-day moving average price of $6.10 and a two-hundred day moving average price 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 company has a market capitalization of $811.69 million, a price-to-earnings ratio of 17.24, a P/E/G ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a one year low of $5.27 and a one year high of $7.10.

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Granite Ridge Resources Dividend Announcement

The company also recently announced 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. The ex-dividend date was Friday, February 28th. This represents a $0.44 annualized dividend and a yield of 7.09%. Granite Ridge Resources's dividend payout ratio is currently 314.29%.

Wall Street Analyst Weigh In

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

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.