Granite Ridge Resources, Inc. (NYSE:GRNT) Sees Significant Decline in Short Interest

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

Granite Ridge Resources Stock Performance

NYSE GRNT traded up $0.05 on Tuesday, hitting $6.67. 333,100 shares of the company’s stock were exchanged, compared to its average volume of 405,587. The firm has a market cap of $869.45 million, a price-to-earnings ratio of 10.93 and a beta of 0.21. The firm’s 50-day moving average price is $6.24 and its two-hundred day moving average price is $6.05. Granite Ridge Resources has a fifty-two week low of $5.00 and a fifty-two week high of $8.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.44 and a quick ratio of 2.44.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $106.80 million during the quarter. Granite Ridge Resources had a return on equity of 16.35% and a net margin of 20.58%. During the same quarter in the previous year, the company posted $0.38 EPS. On average, research analysts expect that Granite Ridge Resources will post 0.64 EPS for the current year.

Granite Ridge Resources Announces Dividend

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

Insider Transactions at Granite Ridge Resources

In other news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were purchased at an average cost of $6.20 per share, for a total transaction of $31,000.00. Following the transaction, the chief financial officer now directly owns 68,037 shares in the company, valued at approximately $421,829.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased 9,250 shares of company stock worth $57,190 over the last 90 days. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GRNT. Hamilton Lane Advisors LLC grew its holdings in shares of Granite Ridge Resources by 122.2% in the 3rd quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock worth $51,306,000 after acquiring an additional 4,625,595 shares during the period. Northwestern University acquired a new position in shares of Granite Ridge Resources during the 3rd quarter worth $30,648,000. Georgetown University acquired a new position in shares of Granite Ridge Resources during the 4th quarter worth $15,818,000. Vanguard Group Inc. grew its stake in Granite Ridge Resources by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 1,636,341 shares of the company’s stock valued at $9,851,000 after acquiring an additional 29,172 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Granite Ridge Resources during the 3rd quarter valued at about $9,368,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.