Silvercrest Asset Management Group LLC Increases Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Silvercrest Asset Management Group LLC grew its stake in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 32.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,643,000 shares of the company’s stock after acquiring an additional 406,500 shares during the quarter. Silvercrest Asset Management Group LLC owned about 1.26% of Granite Ridge Resources worth $10,680,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its holdings in shares of Granite Ridge Resources by 24,400.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after buying an additional 4,880 shares during the period. Swiss National Bank grew its position in shares of Granite Ridge Resources by 11.6% in the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after purchasing an additional 6,900 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Granite Ridge Resources by 14.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after purchasing an additional 7,304 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Granite Ridge Resources in the 4th quarter valued at about $79,000. Finally, DGS Capital Management LLC purchased a new position in Granite Ridge Resources in the 4th quarter valued at about $100,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the completion of the acquisition, the chief executive officer now owns 81,633 shares of the company’s stock, valued at approximately $510,206.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Thaddeus Darden bought 7,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $5.90 per share, with a total value of $41,300.00. Following the purchase, the director now directly owns 221,156 shares of the company’s stock, valued at approximately $1,304,820.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Luke C. Brandenberg purchased 5,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the acquisition, the chief executive officer now owns 81,633 shares in the company, valued at $510,206.25. The disclosure for this purchase can be found here. Insiders have acquired 31,200 shares of company stock worth $194,135 over the last three months. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Roth Mkm initiated coverage on Granite Ridge Resources in a report on Wednesday, May 15th. They set a “buy” rating and a $8.80 target price for the company. Evercore ISI initiated coverage on Granite Ridge Resources in a research report on Monday, April 29th. They set an “in-line” rating and a $8.00 price target for the company. Bank of America restated a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Finally, Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.95.

Granite Ridge Resources Price Performance

Granite Ridge Resources stock opened at $6.72 on Wednesday. The company has a market capitalization of $877.92 million, a PE ratio of 14.92, a price-to-earnings-growth ratio of 6.91 and a beta of 0.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The firm has a 50 day moving average price of $6.47 and a 200 day moving average price of $6.28.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $89.00 million during the quarter. Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. Research analysts expect that Granite Ridge Resources, Inc. will post 0.59 earnings per share for the current year.

Granite Ridge Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.55%. The ex-dividend date of this dividend was Friday, May 31st. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

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.