Granite Ridge Resources, Inc. (NYSE:GRNT) Short Interest Update

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 2,790,000 shares, an increase of 10.3% from the August 15th total of 2,530,000 shares. Approximately 5.4% of the shares of the company are sold short. Based on an average daily volume of 444,200 shares, the short-interest ratio is presently 6.3 days.

Wall Street Analysts Forecast Growth

Separately, Bank of America reissued a “neutral” rating and set a $7.00 price target on shares of Granite Ridge Resources in a research note on Friday, June 14th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.95.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded up $0.02 on Wednesday, hitting $6.32. The company’s stock had a trading volume of 452,180 shares, compared to its average volume of 433,121. The company has a market capitalization of $826.30 million, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.45 and a beta of 0.19. Granite Ridge Resources has a 52-week low of $5.20 and a 52-week high of $7.10. The firm has a fifty day moving average price of $6.45 and a 200-day moving average price of $6.41. 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 (NYSE:GRNT) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) 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 business had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $96.97 million. During the same period last year, the company earned $0.19 EPS. On average, equities research analysts expect that Granite Ridge Resources will post 0.59 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

Insider Activity

In other news, CFO Tyler Farquharson acquired 5,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was bought at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the transaction, the chief financial officer now owns 76,723 shares in the company, valued at $507,906.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Granite Ridge Resources news, CFO Tyler Farquharson bought 5,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were bought at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the transaction, the chief financial officer now owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Reade Miller purchased 8,500 shares of Granite Ridge Resources stock in a transaction dated 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 completion of the acquisition, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 30,433 shares of company stock valued at $189,581. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after buying an additional 7,965 shares in the last quarter. AQR Capital Management LLC boosted its position in Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after acquiring an additional 393,787 shares during the last quarter. Sfmg LLC grew its stake in Granite Ridge Resources by 5.5% in the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock worth $1,212,000 after acquiring an additional 9,960 shares during the period. XTX Topco Ltd acquired a new position in Granite Ridge Resources in the 2nd quarter valued at $320,000. Finally, Denali Advisors LLC purchased a new position in shares of Granite Ridge Resources during the 2nd quarter worth $802,000. 31.56% of the stock is owned by institutional investors and hedge funds.

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.