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

Granite Ridge Resources, Inc. (NYSE:GRNT) saw a large 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. Currently, 5.4% of the company’s shares are sold short. Based on an average trading volume of 444,200 shares, the days-to-cover ratio is currently 6.3 days.

Granite Ridge Resources Stock Up 0.3 %

Shares of GRNT traded up $0.02 during mid-day trading 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 firm has a market capitalization of $826.30 million, a price-to-earnings ratio of 14.04, a PEG ratio of 1.45 and a beta of 0.19. The company’s 50-day moving average is $6.45 and its 200-day moving average is $6.41. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. Granite Ridge Resources has a 52-week low of $5.20 and a 52-week high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last announced its 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 company had revenue of $90.65 million for the quarter, compared to the consensus estimate 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 last year, the business posted $0.19 EPS. On average, equities research analysts forecast that Granite Ridge Resources will post 0.59 EPS 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 paid 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 (DPR) is presently 97.78%.

Insider Buying and Selling at Granite Ridge Resources

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

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently modified their holdings of the company. CWM LLC grew its position in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after buying an additional 9,978 shares during the last quarter. nVerses Capital LLC purchased a new position in Granite Ridge Resources in the second quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after purchasing an additional 2,709 shares in the last quarter. The Manufacturers Life Insurance Company increased its position 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 purchasing an additional 7,965 shares in 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Bank of America reiterated a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th. Two investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.95.

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.