PDT Partners LLC Acquires 48,887 Shares of Granite Ridge Resources, Inc. (NYSE:GRNT)

PDT Partners LLC increased its holdings in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 103.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 96,141 shares of the company’s stock after acquiring an additional 48,887 shares during the period. PDT Partners LLC’s holdings in Granite Ridge Resources were worth $621,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of GRNT. Victory Capital Management Inc. raised its stake in shares of Granite Ridge Resources by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock valued at $116,000 after acquiring an additional 2,735 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 worth $127,000 after purchasing an additional 2,759 shares during the period. Quantbot Technologies LP raised 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 in the last quarter. CWA Asset Management Group LLC lifted its holdings in shares of Granite Ridge Resources by 8.4% in the 4th quarter. CWA Asset Management Group LLC now owns 129,829 shares of the company’s stock worth $839,000 after buying an additional 10,106 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Granite Ridge Resources during the 4th quarter worth $68,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $4.93 on Friday. The stock’s 50-day moving average is $5.43 and its 200 day moving average is $6.00. Granite Ridge Resources, Inc. has a 1-year low of $4.52 and a 1-year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $645.84 million, a P/E ratio of 13.68, a PEG ratio of 1.29 and a beta of 0.20.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.93%. The ex-dividend date was Friday, February 28th. Granite Ridge Resources’s dividend payout ratio is currently 314.29%.

Analysts Set New Price Targets

Several research firms recently weighed in on GRNT. Stephens restated an “overweight” rating and issued a $8.00 price objective on shares of Granite Ridge Resources in a report on Friday, March 7th. Capital One Financial lowered shares of 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 given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.70.

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.