Denali Advisors LLC Takes Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Denali Advisors LLC bought a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) in the 2nd quarter, Holdings Channel.com reports. The firm bought 126,706 shares of the company’s stock, valued at approximately $802,000.

A number of other institutional investors have also added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares in the last quarter. nVerses Capital LLC purchased a new stake in Granite Ridge Resources in the second quarter worth approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after acquiring an additional 2,709 shares during the last quarter. Principal Financial Group Inc. bought a new position in Granite Ridge Resources during the first quarter valued at approximately $150,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Granite Ridge Resources during the first quarter worth approximately $186,000. Institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

Separately, Bank of America reaffirmed a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $7.95.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $6.22 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. Granite Ridge Resources, Inc. has a one year low of $5.20 and a one year high of $7.10. The stock has a market capitalization of $813.23 million, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.45 and a beta of 0.19. The business’s 50 day simple moving average is $6.45 and its two-hundred day simple moving average is $6.41.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same period in the previous year, the company earned $0.19 EPS. Analysts forecast that Granite Ridge Resources, Inc. will post 0.59 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.07%. Granite Ridge Resources’s payout ratio is presently 97.78%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, with a total value of $50,745.00. Following the transaction, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Matthew Reade Miller acquired 8,500 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $5.97 per share, with a total value of $50,745.00. Following the transaction, the director now owns 692,496 shares in the company, valued at $4,134,201.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Luke C. Brandenberg acquired 5,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $6.23 per share, with a total value of $31,150.00. Following the completion of the acquisition, the chief executive officer now directly owns 91,633 shares in the company, valued at approximately $570,873.59. The disclosure for this purchase can be found here. Insiders have acquired 29,938 shares of company stock valued at $186,497 over the last ninety days. 1.90% of the stock is owned by insiders.

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.