Jacobs Levy Equity Management Inc. Decreases Stock Holdings in Granite Ridge Resources, Inc. (NYSE:GRNT)

Jacobs Levy Equity Management Inc. lessened its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 9.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 153,218 shares of the company’s stock after selling 15,118 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Granite Ridge Resources were worth $910,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after purchasing an additional 2,709 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Granite Ridge Resources by 17.2% in the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after buying an additional 3,980 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares during the last quarter. Sfmg LLC grew its stake in shares of Granite Ridge Resources by 5.5% during the second quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after acquiring an additional 9,960 shares in the last quarter. Finally, CWM LLC increased its position in shares of Granite Ridge Resources by 4,228.0% during the second quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after acquiring an additional 9,978 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller purchased 8,500 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the transaction, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. This trade represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average price of $5.95 per share, with a total value of $29,750.00. Following the transaction, the chief financial officer now directly owns 81,723 shares in the company, valued at approximately $486,251.85. This trade represents a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 88,168 shares of company stock worth $549,202 over the last quarter. 1.90% of the stock is owned by corporate insiders.

Granite Ridge Resources Price Performance

GRNT opened at $6.17 on Monday. The company has a market capitalization of $806.67 million, a P/E ratio of 17.14, a PEG ratio of 1.65 and a beta of 0.23. The company has a 50-day moving average of $6.24 and a 200-day moving average of $6.33. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources, Inc. has a 1-year low of $5.20 and a 1-year high of $7.10.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.13%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

Analysts Set New Price Targets

Separately, Evercore ISI reduced their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a report on Monday, September 30th.

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.