Granite Ridge Resources, Inc. (NYSE:GRNT) Stake Lifted by Hamilton Lane Advisors LLC

Hamilton Lane Advisors LLC lifted its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 15.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,480,587 shares of the company’s stock after acquiring an additional 1,139,430 shares during the period. Granite Ridge Resources accounts for approximately 44.3% of Hamilton Lane Advisors LLC’s portfolio, making the stock its biggest position. Hamilton Lane Advisors LLC owned about 6.48% of Granite Ridge Resources worth $51,562,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. raised its holdings 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 period. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 acquiring an additional 2,759 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Granite Ridge Resources by 5.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,135 shares of the company’s stock worth $388,000 after acquiring an additional 3,272 shares during the period. Parallel Advisors LLC raised its holdings in shares of Granite Ridge Resources by 222.4% during the 1st quarter. Parallel Advisors LLC now owns 8,722 shares of the company’s stock worth $53,000 after acquiring an additional 6,017 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Granite Ridge Resources by 892.9% during the 1st quarter. GAMMA Investing LLC now owns 7,089 shares of the company’s stock worth $43,000 after acquiring an additional 6,375 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen upgraded Granite Ridge Resources from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Stephens reissued an “overweight” rating and set a $8.00 price objective on shares of Granite Ridge Resources in a research report on Friday, March 7th. Finally, Capital One Financial downgraded Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.33.

Granite Ridge Resources Stock Up 1.2%

Shares of NYSE:GRNT opened at $5.69 on Tuesday. The business has a 50-day moving average price of $5.28 and a 200 day moving average price of $5.90. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $745.50 million, a price-to-earnings ratio of 15.79, a PEG ratio of 1.29 and a beta of 0.23. Granite Ridge Resources, Inc. has a 12-month low of $4.52 and a 12-month high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data 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 firm 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 expect that Granite Ridge Resources, Inc. will post 0.52 EPS for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.74%. The ex-dividend date of this dividend is Friday, May 30th. Granite Ridge Resources’s dividend payout ratio is currently 488.89%.

Insider Buying and Selling at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg bought 18,252 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was bought at an average cost of $5.55 per share, with a total value of $101,298.60. Following the transaction, the chief executive officer now directly owns 151,167 shares in the company, valued at $838,976.85. The trade was a 13.73% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 19,814 shares of company stock valued at $110,071 in the last three months. 8.50% of the stock is owned by corporate insiders.

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.