Geode Capital Management LLC Buys 317,303 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

Geode Capital Management LLC lifted its stake in Granite Ridge Resources, Inc. (NYSE:GRNT) by 35.1% during the third quarter, Holdings Channel.com reports. The fund owned 1,221,579 shares of the company’s stock after buying an additional 317,303 shares during the period. Geode Capital Management LLC’s holdings in Granite Ridge Resources were worth $7,258,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of GRNT. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Granite Ridge Resources by 17.2% in the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after buying an additional 3,980 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares during the last quarter. Sfmg LLC grew its stake in shares of Granite Ridge Resources by 5.5% in the second quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after buying an additional 9,960 shares in the last quarter. Finally, Ground Swell Capital LLC acquired a new position in Granite Ridge Resources during the third quarter worth $66,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Performance

GRNT opened at $6.65 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources, Inc. has a 12-month low of $5.20 and a 12-month high of $7.10. The business has a 50 day moving average of $6.25 and a 200-day moving average of $6.29. The stock has a market cap of $869.45 million, a price-to-earnings ratio of 18.47, a PEG ratio of 1.62 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.62%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is 122.22%.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI cut their price target on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research note on Monday, September 30th.

Insiders Place Their Bets

In related news, Director Matthew Reade Miller acquired 18,173 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 711,164 shares of the company’s stock, valued at approximately $4,615,454.36. The trade was 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, CFO Tyler Farquharson bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was purchased at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the transaction, the chief financial officer now directly owns 86,723 shares of the company’s stock, valued at $568,035.65. The trade was a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 83,174 shares of company stock valued at $520,493 over the last ninety days. 1.90% of the stock is currently owned by company insiders.

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.