Granite Ridge Resources (NYSE:GRNT) Lowered to Equal Weight Rating by Capital One Financial

Capital One Financial lowered shares of Granite Ridge Resources (NYSE:GRNT) from an overweight rating to an equal weight rating in a research report sent to investors on Friday, Marketbeat reports.

Granite Ridge Resources Price Performance

NYSE GRNT opened at $6.13 on Friday. The business has a 50 day simple moving average of $6.35 and a 200 day simple moving average of $6.28. Granite Ridge Resources has a 52-week low of $5.47 and a 52-week high of $7.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $800.81 million, a price-to-earnings ratio of 17.01, a PEG ratio of 1.29 and a beta of 0.22.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a yield of 7.18%. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Reade Miller purchased 41,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $6.10 per share, with a total value of $250,100.00. Following the completion of the purchase, the director now directly owns 772,491 shares in the company, valued at approximately $4,712,195.10. This represents a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 54,001 shares of company stock valued at $330,711. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds have recently made changes to their positions in GRNT. Victory Capital Management Inc. boosted its holdings in shares of Granite Ridge Resources by 18.0% in the 4th quarter. Victory Capital Management Inc. now owns 17,889 shares of the company’s stock valued at $116,000 after buying an additional 2,735 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Granite Ridge Resources by 16.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,599 shares of the company’s stock valued at $127,000 after buying an additional 2,759 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Granite Ridge Resources by 5.8% in 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 valued at $388,000 after buying an additional 3,272 shares during the last quarter. Quantbot Technologies LP boosted its holdings in shares of Granite Ridge Resources by 691.0% in the 4th quarter. Quantbot Technologies LP now owns 9,112 shares of the company’s stock valued at $59,000 after buying an additional 7,960 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Granite Ridge Resources by 37.5% in the 4th quarter. Deutsche Bank AG now owns 33,212 shares of the company’s stock valued at $215,000 after buying an additional 9,055 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

About Granite Ridge Resources

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.