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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a significant growth in short interest during 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 company’s shares are sold short. Based on an average trading volume of 444,200 shares, the short-interest ratio is currently 6.3 days.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, Director Matthew Reade Miller acquired 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $5.97 per share, with a total value of $50,745.00. Following the purchase, the director now directly owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Matthew Reade Miller acquired 8,500 shares of Granite Ridge Resources stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $5.97 per share, with a total value of $50,745.00. Following the purchase, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Luke C. Brandenberg bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were purchased at an average price 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 disclosure for this purchase can be found here. Over the last three months, insiders have purchased 30,433 shares of company stock valued at $189,581. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors have recently modified their holdings of the business. CWM LLC boosted its stake in Granite Ridge Resources by 4,228.0% in the second quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares during the period. nVerses Capital LLC acquired a new stake in Granite Ridge Resources in the second quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 acquiring an additional 2,709 shares during the period. The Manufacturers Life Insurance Company raised 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 valued at $147,000 after buying an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in Granite Ridge Resources during the 1st quarter worth $150,000. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Up 0.3 %

NYSE GRNT traded up $0.02 on Wednesday, hitting $6.32. 452,180 shares of the stock traded hands, compared to its average volume of 433,121. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average of $6.45 and a 200 day moving average of $6.41. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. 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 (NYSE:GRNT) last posted 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). The firm had revenue of $90.65 million for the quarter, compared to analyst estimates 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 period in the prior year, the company posted $0.19 earnings per share. As a group, analysts expect that Granite Ridge Resources will post 0.59 earnings per share for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently declared 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 6.96%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 97.78%.

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.