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

Howard Financial Services LTD. trimmed its holdings in Granite Ridge Resources, Inc. (NYSE:GRNT) by 32.3% during the 1st quarter, according to its most recent Form 13F filing 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 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Nisa Investment Advisors LLC lifted its position in shares of Granite Ridge Resources by 24,400.0% in 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 position 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 worth $59,000 after buying 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 worth about $74,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Granite Ridge Resources in the fourth quarter worth about $79,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Granite Ridge Resources in the fourth quarter worth about $93,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Trading Up 1.6 %

Shares of GRNT traded up $0.10 during mid-day trading on Friday, reaching $6.33. 3,864,960 shares of the company’s stock traded hands, compared to its average volume of 460,982. The stock has a market cap of $827.58 million, a P/E ratio of 13.91, a P/E/G ratio of 4.06 and a beta of 0.20. The stock’s 50-day moving average is $6.39 and its two-hundred day moving average is $6.16. Granite Ridge Resources, Inc. has a 12 month low of $5.20 and a 12 month high of $8.14. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55.

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

Granite Ridge Resources Dividend Announcement

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

Wall Street Analyst Weigh In

GRNT has been the topic of a number of research analyst reports. Evercore ISI started coverage on Granite Ridge Resources in a research report on Monday, April 29th. They issued an “in-line” rating and a $8.00 target price on the stock. Roth Mkm started coverage on Granite Ridge Resources in a research report on Wednesday, May 15th. They set a “buy” rating and a $8.80 price objective on the stock. Bank of America restated a “neutral” rating and set a $7.00 price objective on shares of Granite Ridge Resources in a research report on Friday, June 14th. Finally, Roth Capital upgraded Granite Ridge Resources to a “strong-buy” rating in a research 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.95.

Insider Buying and Selling

In other news, CEO Luke C. Brandenberg acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were bought 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 in the company, valued at $510,206.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Luke C. Brandenberg acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were bought 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 in the company, valued at $510,206.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller bought 7,700 shares of the stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $6.50 per share, with a total value of $50,050.00. Following the acquisition, the director now owns 666,075 shares of the company’s stock, valued at $4,329,487.50. The disclosure for this purchase can be found here. Insiders have bought a total of 31,200 shares of company stock valued at $194,135 over the last quarter. 1.90% of the stock is owned by corporate insiders.

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.