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

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) was the recipient of a significant drop in short interest in 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. Currently, 3.1% of the shares of the stock are short sold. Based on an average trading volume of 390,500 shares, the days-to-cover ratio is presently 4.1 days.

Granite Ridge Resources Trading Down 3.8 %

Shares of NYSE GRNT traded down $0.26 during mid-day trading on Monday, hitting $6.61. The stock had a trading volume of 224,022 shares, compared to its average volume of 406,668. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.44 and a current ratio of 2.44. Granite Ridge Resources has a 1 year low of $5.00 and a 1 year high of $8.14. The business has a 50 day moving average price of $6.21 and a two-hundred day moving average price of $6.04. The firm has a market cap of $862.27 million, a P/E ratio of 10.84 and a beta of 0.21.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its quarterly earnings data on Thursday, March 7th. The company reported $0.20 earnings per share (EPS) 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 period in the previous year, the firm posted $0.38 earnings per share. On average, equities analysts anticipate that Granite Ridge Resources will post 0.64 EPS for the current fiscal year.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders 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 dividend yield of 6.66%. The ex-dividend date of this dividend was Thursday, February 29th. Granite Ridge Resources's dividend payout ratio (DPR) is presently 72.13%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Tyler Farquharson purchased 5,000 shares of the firm's stock in a transaction on Friday, March 15th. The shares were purchased at an average cost of $6.20 per share, with a total value 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have acquired 9,250 shares of company stock valued at $57,190. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted 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 lifted 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 during the period. Virtus Fund Advisers LLC bought a new position in Granite Ridge Resources during the 4th quarter valued at about $40,000. Citigroup Inc. bought a new position in Granite Ridge Resources during the 2nd quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC lifted 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 during the period. Institutional investors 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.

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