Vanguard Group Inc. Buys 418,059 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Vanguard Group Inc. boosted its stake in Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) by 11.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,234,276 shares of the company's stock after buying an additional 418,059 shares during the period. Vanguard Group Inc. owned 3.24% of Granite Ridge Resources worth $27,353,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Quantbot Technologies LP increased its holdings in shares of Granite Ridge Resources by 691.0% in the fourth quarter. Quantbot Technologies LP now owns 9,112 shares of the company's stock valued at $59,000 after buying an additional 7,960 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Granite Ridge Resources in the 4th quarter worth approximately $68,000. Belvedere Trading LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at $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 in the last quarter. Finally, Northwestern University purchased a new stake in Granite Ridge Resources in the 4th quarter worth about $117,000. 31.56% of the stock is currently owned by institutional investors.

Granite Ridge Resources Trading Up 1.3 %

Granite Ridge Resources stock traded up $0.07 during trading hours on Friday, reaching $4.98. 529,939 shares of the company's stock traded hands, compared to its average volume of 490,430. The firm's 50 day moving average is $5.70 and its 200-day moving average is $6.09. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.10. The firm has a market capitalization of $652.40 million, a price-to-earnings ratio of 13.82, a PEG ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 8.84%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 314.29%.

Analysts Set New Price Targets

Several research 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 note on Friday, March 7th. Capital One Financial lowered shares of Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Three research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $7.70.

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.