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

Grey Rock Energy Management LLC acquired a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 55,265,968 shares of the company’s stock, valued at approximately $357,018,000. Granite Ridge Resources comprises approximately 100.0% of Grey Rock Energy Management LLC’s investment portfolio, making the stock its biggest position. Grey Rock Energy Management LLC owned 0.42% of Granite Ridge Resources at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Intech Investment Management LLC bought a new stake in Granite Ridge Resources in the fourth quarter valued at approximately $162,000. HighTower Advisors LLC bought a new stake in Granite Ridge Resources in the fourth quarter valued at approximately $941,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Granite Ridge Resources during the fourth quarter valued at approximately $200,000. Victory Capital Management Inc. lifted its stake in Granite Ridge Resources by 18.0% in the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock worth $116,000 after acquiring an additional 2,735 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Granite Ridge Resources by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 442,941 shares of the company’s stock valued at $2,861,000 after purchasing an additional 18,348 shares during the period. Institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

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

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock opened at $5.99 on Wednesday. Granite Ridge Resources, Inc. has a 12 month low of $5.27 and a 12 month high of $7.10. The firm has a market capitalization of $782.92 million, a P/E ratio of 16.63, a P/E/G ratio of 1.29 and a beta of 0.23. 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 business has a fifty day simple moving average of $6.19 and a two-hundred day simple moving average of $6.20.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.11 per share. 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 dividend payout ratio (DPR) is currently 314.29%.

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.