Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Expands By 35.8%

Granite Ridge Resources, Inc. (NYSE:GRNT) saw a significant growth in short interest in July. As of July 15th, there was short interest totalling 2,920,000 shares, a growth of 35.8% from the June 30th total of 2,150,000 shares. Currently, 5.6% of the company’s stock are sold short. Based on an average trading volume of 507,500 shares, the short-interest ratio is presently 5.8 days.

Insider Buying and Selling

In other news, CEO Luke C. Brandenberg bought 5,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was purchased at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the acquisition, the chief executive officer now owns 81,633 shares in the company, valued at $510,206.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Granite Ridge Resources news, Director Thaddeus Darden bought 7,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average price of $5.90 per share, for a total transaction of $41,300.00. Following the completion of the acquisition, the director now owns 221,156 shares of the company’s stock, valued at approximately $1,304,820.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Luke C. Brandenberg purchased 5,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the completion of the purchase, the chief executive officer now directly owns 81,633 shares in the company, valued at approximately $510,206.25. The disclosure for this purchase can be found here. Insiders have purchased a total of 31,200 shares of company stock worth $194,135 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently made changes to their positions in GRNT. Georgetown University bought a new position in shares of Granite Ridge Resources during the 4th quarter worth approximately $15,818,000. Silvercrest Asset Management Group LLC lifted its stake in shares of Granite Ridge Resources by 32.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after buying an additional 406,500 shares in the last quarter. Crown Advisors Management Inc. acquired a new position in Granite Ridge Resources during the 1st quarter valued at about $1,300,000. Trexquant Investment LP grew its holdings in Granite Ridge Resources by 80.9% during the fourth quarter. Trexquant Investment LP now owns 233,397 shares of the company’s stock worth $1,405,000 after buying an additional 104,392 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Granite Ridge Resources by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Stock Down 1.2 %

NYSE GRNT opened at $6.77 on Monday. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.55 and a quick ratio of 2.55. The business has a fifty day moving average price of $6.47 and a two-hundred day moving average price of $6.26. The stock has a market capitalization of $885.11 million, a PE ratio of 15.04, a PEG ratio of 6.84 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last issued its earnings results on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The company had revenue of $89.00 million during the quarter. Equities analysts expect that Granite Ridge Resources will post 0.59 earnings per share for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.44 dividend on an annualized basis and a yield of 6.50%. Granite Ridge Resources’s payout ratio is currently 97.78%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Evercore ISI assumed coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They issued an “in-line” rating and a $8.00 target price for the company. Roth Capital upgraded shares of Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Bank of America reaffirmed a “neutral” rating and issued a $7.00 target price on shares of Granite Ridge Resources in a report on Friday, June 14th. Finally, Roth Mkm initiated coverage on Granite Ridge Resources in a report on Wednesday, May 15th. They set a “buy” rating and a $8.80 price target for the company. Two 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, the stock has an average 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.