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

Granite Ridge Resources, Inc. (NYSE:GRNT) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 1,620,000 shares, a drop of 8.5% from the March 15th total of 1,770,000 shares. Based on an average daily trading volume, of 390,500 shares, the days-to-cover ratio is presently 4.1 days. Approximately 3.1% of the shares of the company are short sold.

Granite Ridge Resources Stock Performance

Shares of NYSE GRNT traded up $0.06 during midday trading on Wednesday, reaching $6.67. 333,100 shares of the company traded hands, compared to its average volume of 361,093. Granite Ridge Resources has a 52 week low of $5.00 and a 52 week high of $8.14. The stock has a 50-day moving average price of $6.24 and a 200 day moving average price of $6.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.44 and a quick ratio of 2.44. The company has a market cap of $870.10 million, a price-to-earnings ratio of 10.93 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Granite Ridge Resources had a net margin of 20.58% and a return on equity of 16.35%. The business had revenue of $106.80 million for the quarter. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Sell-side analysts anticipate that Granite Ridge Resources will post 0.64 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.60%. The ex-dividend date was Thursday, February 29th. Granite Ridge Resources’s payout ratio is currently 72.13%.

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were bought at an average cost of $6.20 per share, for a total transaction of $31,000.00. Following the completion of the purchase, the chief financial officer now owns 68,037 shares of the company’s stock, valued at approximately $421,829.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 9,250 shares of company stock worth $57,190. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Granite Ridge Resources by 24,400.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock worth $29,000 after purchasing an additional 4,880 shares in the last quarter. Barclays PLC grew its stake in Granite Ridge Resources by 507.6% during the 2nd quarter. Barclays PLC now owns 5,225 shares of the company’s stock valued at $35,000 after acquiring an additional 4,365 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Granite Ridge Resources during the 4th quarter valued at about $40,000. Citigroup Inc. purchased a new position in Granite Ridge Resources during the 2nd quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC grew its stake in Granite Ridge Resources by 26.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 8,494 shares of the company’s stock valued at $52,000 after acquiring an additional 1,760 shares in the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

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.