Zazove Associates LLC Decreases Stock Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Zazove Associates LLC trimmed its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 2.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 913,513 shares of the company’s stock after selling 18,542 shares during the period. Zazove Associates LLC owned approximately 0.70% of Granite Ridge Resources worth $5,901,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GRNT. Quantbot Technologies LP lifted its stake in shares of Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock worth $59,000 after purchasing an additional 7,960 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Granite Ridge Resources during the fourth quarter valued at approximately $68,000. Belvedere Trading LLC bought a new position in Granite Ridge Resources in the fourth quarter worth approximately $75,000. Victory Capital Management Inc. boosted its stake in shares of Granite Ridge Resources by 18.0% during the 4th 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 last quarter. Finally, Northwestern University bought a new stake in shares of Granite Ridge Resources during the 4th quarter valued at $117,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRNT has been the subject of several recent research reports. Stephens reissued an “overweight” rating and set a $8.00 price target on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial cut Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.70.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $4.72 on Wednesday. Granite Ridge Resources, Inc. has a 52 week low of $4.52 and a 52 week high of $7.10. The business’s 50 day moving average price is $5.90 and its 200 day moving average price is $6.15. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a market cap of $617.96 million, a P/E ratio of 13.12, a P/E/G ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 9.31%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is currently 314.29%.

Granite Ridge Resources 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.