55,265,968 Shares in Granite Ridge Resources, Inc. (NYSE:GRNT) Purchased by Grey Rock Energy Management LLC

Grey Rock Energy Management LLC acquired a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 55,265,968 shares of the company’s stock, valued at approximately $357,018,000. Granite Ridge Resources comprises about 100.0% of Grey Rock Energy Management LLC’s portfolio, making the stock its biggest position. Grey Rock Energy Management LLC owned about 42.27% of Granite Ridge Resources as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in Granite Ridge Resources during the 4th quarter valued at about $162,000. HighTower Advisors LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth about $941,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Granite Ridge Resources during the fourth quarter worth about $200,000. 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 worth $116,000 after purchasing an additional 2,735 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Granite Ridge Resources by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company’s stock worth $2,861,000 after purchasing an additional 18,348 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Stephens reissued an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial lowered 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $7.70.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $5.99 on Wednesday. The business has a 50 day moving average of $6.19 and a 200 day moving average of $6.20. The company has a market capitalization of $782.92 million, a price-to-earnings ratio of 16.63, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a 1-year low of $5.27 and a 1-year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.11 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.35%. Granite Ridge Resources’s payout ratio is 314.29%.

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.