Granite Ridge Resources, Inc. (NYSE:GRNT) Sees Large Drop in Short Interest

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,560,000 shares, a drop of 8.2% from the August 31st total of 2,790,000 shares. Based on an average daily volume of 468,800 shares, the days-to-cover ratio is presently 5.5 days. Currently, 4.9% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

GRNT has been the topic of several research reports. Evercore ISI dropped their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday. Bank of America restated a “neutral” rating and issued a $7.00 price target on shares of Granite Ridge Resources in a research note on Friday, June 14th.

Granite Ridge Resources Price Performance

NYSE GRNT traded down $0.04 during trading on Tuesday, hitting $5.90. 357,420 shares of the stock traded hands, compared to its average volume of 443,782. The company has a market capitalization of $771.39 million, a P/E ratio of 13.11, a price-to-earnings-growth ratio of 1.64 and a beta of 0.19. The firm has a 50-day simple moving average of $6.32 and a 200-day simple moving average of $6.42. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. Granite Ridge Resources has a 12-month low of $5.20 and a 12-month high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same quarter in the prior year, the business earned $0.19 EPS. As a group, analysts predict that Granite Ridge Resources will post 0.55 EPS for the current year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.46%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Tyler Farquharson purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average price of $5.95 per share, for a total transaction of $29,750.00. Following the transaction, the chief financial officer now owns 81,723 shares in the company, valued at approximately $486,251.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Tyler Farquharson purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $5.95 per share, with a total value of $29,750.00. Following the purchase, the chief financial officer now directly owns 81,723 shares of the company’s stock, valued at $486,251.85. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Reade Miller acquired 8,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the transaction, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. The disclosure for this purchase can be found here. Insiders purchased a total of 30,433 shares of company stock worth $189,581 in the last quarter. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC boosted its holdings in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares during the period. nVerses Capital LLC purchased a new position in shares of Granite Ridge Resources in the 2nd quarter worth approximately $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Granite Ridge Resources by 20.6% in the 2nd 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 during the period. Principal Financial Group Inc. bought a new stake in shares of Granite Ridge Resources during the 1st quarter worth approximately $150,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after acquiring an additional 7,965 shares during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.