Granite Ridge Resources, Inc. (NYSE:GRNT) Short Interest Down 8.5% in March

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

Insider Buying and Selling at Granite Ridge Resources

In related news, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was acquired at an average price of $6.20 per share, with a total value of $31,000.00. Following the acquisition, the chief financial officer now directly owns 68,037 shares in the company, valued at approximately $421,829.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders acquired 9,250 shares of company stock worth $57,190. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently bought and sold shares of GRNT. Nisa Investment Advisors LLC lifted its position in shares of Granite Ridge Resources by 24,400.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after buying an additional 4,880 shares in the last quarter. Barclays PLC lifted its holdings in Granite Ridge Resources by 507.6% during the second quarter. Barclays PLC now owns 5,225 shares of the company’s stock valued at $35,000 after purchasing an additional 4,365 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $40,000. Citigroup Inc. purchased a new stake in shares of Granite Ridge Resources during the second quarter worth about $51,000. Finally, Tower Research Capital LLC TRC raised its position in shares of 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 worth $52,000 after purchasing an additional 1,760 shares during the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded up $0.05 during trading on Tuesday, hitting $6.67. 333,100 shares of the stock traded hands, compared to its average volume of 405,587. The company has a fifty day moving average price of $6.24 and a two-hundred day moving average price of $6.05. Granite Ridge Resources has a 52-week low of $5.00 and a 52-week high of $8.14. The company has a market cap of $869.45 million, a price-to-earnings ratio of 10.93 and a beta of 0.21. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.16.

Granite Ridge Resources (NYSE:GRNT) last released 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 company had revenue of $106.80 million during the quarter. During the same period in the previous year, the firm posted $0.38 EPS. As a group, equities analysts predict that Granite Ridge Resources will post 0.64 EPS for the current year.

Granite Ridge Resources Announces Dividend

The firm also recently declared 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 of this dividend was Thursday, February 29th. This represents a $0.44 dividend on an annualized basis and a yield of 6.60%. Granite Ridge Resources’s dividend payout ratio is currently 72.13%.

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.