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

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

Granite Ridge Resources Stock Down 0.7 %

GRNT stock traded down $0.04 during mid-day trading on Tuesday, hitting $5.90. 357,420 shares of the company were exchanged, compared to its average volume of 443,782. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24. The firm has a market cap of $771.39 million, a P/E ratio of 13.11, a P/E/G ratio of 1.64 and a beta of 0.19. The firm’s 50 day simple moving average is $6.32 and its 200 day simple moving average is $6.42. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last released its 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). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The firm had revenue of $90.65 million during the quarter, compared to the consensus estimate of $96.97 million. During the same period in the prior year, the business posted $0.19 earnings per share. On average, sell-side analysts predict that Granite Ridge Resources will post 0.55 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.11 dividend. This represents a $0.44 annualized dividend 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 is currently 97.78%.

Insider Buying and Selling

In other news, Director Matthew Reade Miller acquired 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, with a total value of $50,745.00. Following the acquisition, the director now owns 692,496 shares in the company, valued at $4,134,201.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew Reade Miller bought 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the purchase, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Luke C. Brandenberg bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $6.23 per share, with a total value of $31,150.00. Following the completion of the purchase, the chief executive officer now owns 91,633 shares in the company, valued at $570,873.59. The disclosure for this purchase can be found here. In the last three months, insiders bought 30,433 shares of company stock valued at $189,581. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently added to or reduced their stakes in the stock. CWM LLC increased its position in shares of Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after purchasing an additional 9,978 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Granite Ridge Resources during the 2nd quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. The Manufacturers Life Insurance Company increased its position 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 valued at $147,000 after purchasing an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of Granite Ridge Resources during the 1st quarter valued at $150,000. 31.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GRNT has been the subject of several research analyst reports. Bank of America reiterated a “neutral” rating and set a $7.00 target price on shares of Granite Ridge Resources in a research note on Friday, June 14th. Evercore ISI cut their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research note on Monday.

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.