Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Grows By 10.3%

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

Granite Ridge Resources Price Performance

Shares of GRNT traded up $0.02 during mid-day trading on Wednesday, hitting $6.32. 452,180 shares of the stock were exchanged, compared to its average volume of 433,121. 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 company has a market cap of $826.30 million, a PE ratio of 14.04, 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 50-day moving average of $6.45 and a two-hundred day moving average of $6.41.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $96.97 million. During the same period in the previous year, the company earned $0.19 EPS. On average, equities analysts predict that Granite Ridge Resources will post 0.59 earnings per share for the current year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.11 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 6.96%. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Insider Activity

In other news, Director Matthew Reade Miller bought 4,938 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average price of $6.50 per share, with a total value of $32,097.00. Following the acquisition, the director now owns 679,996 shares of the company’s stock, valued at approximately $4,419,974. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Luke C. Brandenberg acquired 5,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average cost of $6.23 per share, with a total value of $31,150.00. Following the acquisition, the chief executive officer now directly owns 91,633 shares in the company, valued at approximately $570,873.59. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Reade Miller acquired 4,938 shares of Granite Ridge Resources stock in a transaction dated Friday, August 16th. The shares were bought at an average price of $6.50 per share, for a total transaction of $32,097.00. Following the transaction, the director now owns 679,996 shares of the company’s stock, valued at $4,419,974. The disclosure for this purchase can be found here. Insiders have bought 30,433 shares of company stock worth $189,581 in the last three months. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently added to or reduced their stakes in GRNT. The Manufacturers Life Insurance Company boosted its stake in 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 during the period. AQR Capital Management LLC boosted its stake in shares of Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares during the period. Sfmg LLC boosted its stake in shares of Granite Ridge Resources by 5.5% during the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock worth $1,212,000 after purchasing an additional 9,960 shares during the period. XTX Topco Ltd bought a new position in Granite Ridge Resources during the 2nd quarter valued at about $320,000. Finally, Denali Advisors LLC purchased a new stake in Granite Ridge Resources in the 2nd quarter worth about $802,000. 31.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.