ProShare Advisors LLC Invests $96,000 in Granite Ridge Resources, Inc. (NYSE:GRNT)

ProShare Advisors LLC bought a new position in Granite Ridge Resources, Inc. (NYSE:GRNT) during the fourth quarter, Holdings Channel reports. The fund bought 14,828 shares of the company’s stock, valued at approximately $96,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in Granite Ridge Resources by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock valued at $116,000 after purchasing an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Granite Ridge Resources by 16.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock valued at $127,000 after purchasing an additional 2,759 shares during the last quarter. Quantbot Technologies LP grew its position in Granite Ridge Resources by 691.0% during the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after purchasing an additional 7,960 shares during the last quarter. Deutsche Bank AG grew its position in Granite Ridge Resources by 37.5% during the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company’s stock valued at $215,000 after purchasing an additional 9,055 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Granite Ridge Resources during the 4th quarter valued at about $62,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg acquired 18,252 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $5.55 per share, for a total transaction of $101,298.60. Following the completion of the acquisition, the chief executive officer now directly owns 151,167 shares of the company’s stock, valued at $838,976.85. The trade was a 13.73% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders acquired 23,814 shares of company stock worth $132,951. 8.50% of the stock is currently owned by insiders.

Granite Ridge Resources Trading Up 1.0%

GRNT stock opened at $5.77 on Wednesday. The firm has a fifty day moving average price of $5.28 and a 200 day moving average price of $5.90. Granite Ridge Resources, Inc. has a fifty-two week low of $4.52 and a fifty-two week high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market cap of $755.99 million, a PE ratio of 16.01, a price-to-earnings-growth ratio of 1.29 and a beta of 0.23.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. The company had revenue of $122.93 million during the quarter, compared to the consensus estimate of $115.30 million. Granite Ridge Resources had a return on equity of 11.58% and a net margin of 12.59%. Sell-side analysts anticipate that Granite Ridge Resources, Inc. will post 0.52 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.44 annualized dividend and a dividend yield of 7.63%. Granite Ridge Resources’s dividend payout ratio (DPR) is 488.89%.

Analyst Ratings Changes

Several research firms have issued reports on GRNT. Stephens restated an “overweight” rating and set a $8.00 target price on shares of Granite Ridge Resources in a research note on Friday, March 7th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Capital One Financial cut shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Granite Ridge Resources has a consensus rating of “Hold” and an average target price of $7.33.

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.