Howard Financial Services LTD. Lowers Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

Howard Financial Services LTD. decreased its position in Granite Ridge Resources, Inc. (NYSE:GRNT) by 32.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,621 shares of the company’s stock after selling 17,000 shares during the period. Howard Financial Services LTD.’s holdings in Granite Ridge Resources were worth $232,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC boosted its holdings in Granite Ridge Resources by 24,400.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock worth $29,000 after buying an additional 4,880 shares in the last quarter. Barclays PLC lifted its holdings in shares of Granite Ridge Resources by 86.7% in the third quarter. Barclays PLC now owns 9,754 shares of the company’s stock valued at $59,000 after purchasing an additional 4,529 shares in the last quarter. Independent Wealth Network Inc. purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $74,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $79,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $93,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Insider Buying and Selling

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

Granite Ridge Resources Trading Up 1.6 %

Shares of NYSE:GRNT traded up $0.10 during trading on Friday, reaching $6.33. The stock had a trading volume of 3,864,960 shares, compared to its average volume of 460,982. The business has a fifty day moving average price of $6.39 and a 200-day moving average price of $6.16. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. The stock has a market cap of $827.58 million, a P/E ratio of 13.91, a PEG ratio of 4.06 and a beta of 0.20. Granite Ridge Resources, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $8.14.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. The company had revenue of $89.00 million for the quarter. As a group, analysts anticipate that Granite Ridge Resources, Inc. will post 0.61 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.95%. The ex-dividend date of this dividend was Friday, May 31st. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday, May 15th. Roth Mkm assumed coverage on shares of Granite Ridge Resources in a report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price target on the stock. Bank of America reaffirmed a “neutral” rating and issued a $7.00 price target on shares of Granite Ridge Resources in a report on Friday, June 14th. Finally, Evercore ISI began coverage on shares of Granite Ridge Resources in a report on Monday, April 29th. They issued an “in-line” rating and a $8.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.95.

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.