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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the recipient of a significant drop in short interest during 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. Approximately 4.9% of the company’s shares are sold short. Based on an average trading volume of 468,800 shares, the short-interest ratio is currently 5.5 days.

Wall Street Analysts Forecast Growth

GRNT has been the subject of a number of research reports. Bank of America restated a “neutral” rating and issued a $7.00 price target on shares of Granite Ridge Resources in a report on Friday, June 14th. 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 note on Monday.

Granite Ridge Resources Stock Down 0.7 %

Shares of NYSE GRNT traded down $0.04 during mid-day trading on Tuesday, reaching $5.90. 357,420 shares of the company’s stock traded hands, compared to its average volume of 443,782. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. The business has a 50-day simple moving average of $6.32 and a 200 day simple moving average of $6.42. The stock has a market cap of $771.39 million, a P/E ratio of 13.11, a PEG ratio of 1.64 and a beta of 0.19. 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 issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $90.65 million for the quarter, compared to the consensus estimate of $96.97 million. Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. During the same period in the prior year, the firm posted $0.19 earnings per share. On average, analysts expect that Granite Ridge Resources will post 0.55 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm 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 annualized dividend and a dividend yield of 7.46%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

Insider Activity

In other news, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $5.95 per share, for a total transaction of $29,750.00. Following the completion of the transaction, the chief financial officer now directly owns 81,723 shares in the company, valued at approximately $486,251.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Matthew Reade Miller acquired 8,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the transaction, the director now directly owns 692,496 shares in the company, valued at approximately $4,134,201.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $5.95 per share, with a total value of $29,750.00. Following the completion of the transaction, the chief financial officer now owns 81,723 shares of the company’s stock, valued at $486,251.85. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 30,433 shares of company stock valued at $189,581. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

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

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.