CWA Asset Management Group LLC Makes New Investment in Granite Ridge Resources, Inc. (NYSE:GRNT)

CWA Asset Management Group LLC bought a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 119,723 shares of the company’s stock, valued at approximately $711,000. CWA Asset Management Group LLC owned about 0.09% of Granite Ridge Resources at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CWM LLC grew its position 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 buying an additional 9,978 shares during the last quarter. Ground Swell Capital LLC bought a new stake in Granite Ridge Resources in the third quarter valued at $66,000. nVerses Capital LLC bought a new stake in Granite Ridge Resources in the second quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Granite Ridge Resources by 20.6% during the 2nd 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 during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in 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 worth $147,000 after purchasing an additional 7,965 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI reduced their price target on shares of 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.

Insider Activity

In related news, CFO Tyler Farquharson purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the purchase, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Matthew Reade Miller bought 8,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, with a total value of $50,745.00. Following the completion of the acquisition, the director now owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Tyler Farquharson purchased 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were purchased at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 30,433 shares of company stock worth $189,581. Insiders own 1.90% of the company’s stock.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $6.51 on Monday. The business’s fifty day moving average is $6.10 and its 200 day moving average is $6.33. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. The stock has a market cap of $851.12 million, a price-to-earnings ratio of 15.50, a PEG ratio of 1.66 and a beta of 0.19. Granite Ridge Resources, Inc. has a twelve month low of $5.20 and a twelve month high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The business had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. During the same period in the prior year, the company earned $0.19 earnings per share. Research analysts expect that Granite Ridge Resources, Inc. will post 0.55 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is 104.76%.

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.