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

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Evercore ISI initiated coverage on shares of Granite Ridge Resources in a research note on Monday, April 29th. They set an “in-line” rating and a $8.00 price objective for the company. Roth Mkm assumed coverage on Granite Ridge Resources in a research report on Wednesday, May 15th. They set a “buy” rating and a $8.80 price target on the stock. Bank of America reiterated a “neutral” rating and set a $7.00 price objective on shares of Granite Ridge Resources in a report on Friday, June 14th. Finally, Roth Capital upgraded Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.95.

Granite Ridge Resources Stock Down 1.2 %

NYSE:GRNT opened at $6.77 on Monday. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.20. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $8.14. The company has a market cap of $885.11 million, a PE ratio of 15.04, a P/E/G ratio of 6.84 and a beta of 0.20. The company’s 50 day moving average is $6.47 and its two-hundred day moving average is $6.26.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. The company had revenue of $89.00 million for the quarter. Analysts anticipate that Granite Ridge Resources will post 0.59 EPS for the current year.

Granite Ridge Resources Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in GRNT. Nisa Investment Advisors LLC grew its holdings in Granite Ridge Resources by 24,400.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock valued at $29,000 after purchasing an additional 4,880 shares during the period. DGS Capital Management LLC acquired a new position in shares of Granite Ridge Resources during the 4th quarter valued at about $100,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Granite Ridge Resources in the fourth quarter valued at about $79,000. J.W. Cole Advisors Inc. purchased a new position in Granite Ridge Resources during the fourth quarter worth about $110,000. Finally, Swiss National Bank boosted its holdings in Granite Ridge Resources by 11.6% in the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock valued at $400,000 after purchasing an additional 6,900 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.