PDT Partners LLC Takes $693,000 Position in Granite Ridge Resources, Inc. $GRNT

PDT Partners LLC bought a new stake in Granite Ridge Resources, Inc. (NYSE:GRNT) in the second quarter, Holdings Channel.com reports. The institutional investor bought 157,202 shares of the company’s stock, valued at approximately $693,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares during the period. Private Advisor Group LLC acquired a new position in shares of Granite Ridge Resources during the first quarter worth approximately $59,000. Finally, OpenArc Corporate Advisory LLC bought a new position in shares of Granite Ridge Resources in the 4th quarter worth $52,000. 31.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on GRNT shares. Stephens reduced their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Wall Street Zen upgraded shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a report on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Granite Ridge Resources Stock Performance

Shares of Granite Ridge Resources stock opened at $5.03 on Friday. The company has a market cap of $662.80 million, a PE ratio of -23.93 and a beta of 0.20. Granite Ridge Resources, Inc. has a 52 week low of $4.18 and a 52 week high of $6.14. The business has a 50 day moving average price of $4.74 and a 200-day moving average price of $5.11. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. Equities analysts anticipate that Granite Ridge Resources, Inc. will post 0.43 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 8.8%. Granite Ridge Resources’s dividend payout ratio (DPR) is -209.52%.

Insiders Place Their Bets

In other news, Director Matthew Reade Miller acquired 10,600 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average cost of $4.75 per share, with a total value of $50,350.00. Following the acquisition, the director directly owned 1,360,813 shares of the company’s stock, valued at $6,463,861.75. The trade was a 0.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders acquired 13,600 shares of company stock worth $65,350. 8.60% of the stock is currently owned by company 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.