PDT Partners LLC Makes New Investment in Granite Ridge Resources, Inc. $GRNT

PDT Partners LLC acquired a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 157,202 shares of the company’s stock, valued at approximately $693,000. PDT Partners LLC owned about 0.12% of Granite Ridge Resources at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRNT. Sherbrooke Park Advisers LLC grew its position in Granite Ridge Resources by 12.9% in the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after acquiring an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Granite Ridge Resources by 10.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after acquiring an additional 2,596 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Granite Ridge Resources by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after purchasing an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after purchasing an additional 3,550 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Granite Ridge Resources Stock Up 0.5%

Shares of NYSE:GRNT opened at $5.03 on Friday. Granite Ridge Resources, Inc. has a 1 year low of $4.18 and a 1 year high of $6.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50-day moving average is $4.74 and its 200-day moving average is $5.11. The company has a market capitalization of $662.80 million, a price-to-earnings ratio of -23.93 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%.The business had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. Equities research analysts predict that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, August 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a dividend yield of 8.8%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Wall Street Analyst Weigh In

GRNT has been the subject of a number of research reports. Freedom Capital upgraded Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Stephens lowered their target price on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Wall Street Zen upgraded Granite Ridge Resources from a “sell” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.00.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller acquired 10,600 shares of the stock in a transaction dated Tuesday, June 9th. The stock was bought at an average price of $4.75 per share, for a total transaction of $50,350.00. Following the purchase, the director directly owned 1,360,813 shares of the company’s stock, valued at $6,463,861.75. The trade was a 0.79% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have acquired 13,600 shares of company stock valued at $65,350. Insiders own 8.60% of the company’s stock.

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.