GSA Capital Partners LLP Takes Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

GSA Capital Partners LLP purchased a new stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 60,805 shares of the company’s stock, valued at approximately $361,000.

Other institutional investors have also recently made changes to their positions in the company. Silvercrest Asset Management Group LLC increased its stake in shares of Granite Ridge Resources by 32.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after buying an additional 406,500 shares during the period. Denali Advisors LLC purchased a new position in shares of Granite Ridge Resources during the second quarter valued at $802,000. CWA Asset Management Group LLC purchased a new position in shares of Granite Ridge Resources during the third quarter valued at $711,000. American Century Companies Inc. boosted its position in Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after purchasing an additional 357,705 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Granite Ridge Resources by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after purchasing an additional 78,636 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Insiders Place Their Bets

In other news, Director Matthew Reade Miller acquired 18,173 shares of Granite Ridge Resources stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the purchase, the director now directly owns 711,164 shares in the company, valued at $4,615,454.36. This trade represents a 2.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Luke C. Brandenberg acquired 5,000 shares of Granite Ridge Resources stock in a transaction dated Friday, November 15th. The stock was purchased at an average price of $6.50 per share, with a total value of $32,500.00. Following the completion of the purchase, the chief executive officer now owns 96,633 shares of the company’s stock, valued at approximately $628,114.50. The trade was a 5.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 43,168 shares of company stock valued at $273,362. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Evercore ISI dropped their price objective on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $6.61 on Friday. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10. The stock’s 50-day moving average is $6.18 and its 200 day moving average is $6.33. The company has a market cap of $864.19 million, a P/E ratio of 18.36, a PEG ratio of 1.72 and a beta of 0.19. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.66%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s payout ratio is currently 122.23%.

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.