PDT Partners LLC Increases Position in Granite Ridge Resources, Inc. (NYSE:GRNT)

PDT Partners LLC lifted its position in shares of Granite Ridge Resources, Inc. (NYSE:GRNT) by 103.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 96,141 shares of the company’s stock after buying an additional 48,887 shares during the quarter. PDT Partners LLC owned approximately 0.07% of Granite Ridge Resources worth $621,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GRNT. Barclays PLC grew its holdings in Granite Ridge Resources by 306.9% during the 3rd quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after buying an additional 61,162 shares in the last quarter. Geode Capital Management LLC lifted its stake in Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in shares of Granite Ridge Resources by 8.4% during the 4th quarter. CWA Asset Management Group LLC now owns 129,829 shares of the company’s stock valued at $839,000 after purchasing an additional 10,106 shares during the last quarter. Spider Management Company LLC grew its position in shares of Granite Ridge Resources by 21.4% during the fourth quarter. Spider Management Company LLC now owns 4,951,533 shares of the company’s stock valued at $31,987,000 after purchasing an additional 872,282 shares in the last quarter. Finally, Northwestern University bought a new stake in shares of Granite Ridge Resources in the fourth quarter worth about $117,000. Institutional investors own 31.56% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Capital One Financial cut Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Stephens restated an “overweight” rating and issued a $8.00 price target on shares of Granite Ridge Resources in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources presently has an average rating of “Moderate Buy” and an average target price of $7.70.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $4.93 on Friday. The stock has a market cap of $645.84 million, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.29 and a beta of 0.20. 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 50 day moving average price of $5.43 and a 200-day moving average price of $6.00. Granite Ridge Resources, Inc. has a one year low of $4.52 and a one year high of $7.10.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.93%. The ex-dividend date of this dividend was Friday, February 28th. Granite Ridge Resources’s payout ratio is 314.29%.

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.