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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totalling 3,220,000 shares, a drop of 9.0% from the November 30th total of 3,540,000 shares. Based on an average daily volume of 511,400 shares, the days-to-cover ratio is currently 6.3 days. Approximately 6.1% of the company’s shares are sold short.

Granite Ridge Resources Trading Up 4.5 %

Shares of GRNT traded up $0.28 during mid-day trading on Wednesday, hitting $6.46. 1,004,914 shares of the company’s stock traded hands, compared to its average volume of 463,539. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $844.61 million, a P/E ratio of 17.94, a PEG ratio of 1.62 and a beta of 0.23. The business’s 50-day moving average price is $6.22 and its 200-day moving average price is $6.28. Granite Ridge Resources has a 1 year low of $5.20 and a 1 year high of $7.10.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.11 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.44 annualized dividend and a dividend yield of 6.81%. Granite Ridge Resources’s payout ratio is currently 122.22%.

Analyst Upgrades and Downgrades

Separately, Evercore ISI reduced their target price on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th.

Insider Transactions at Granite Ridge Resources

In other news, CFO Tyler Farquharson acquired 5,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were purchased at an average cost of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the chief financial officer now directly owns 86,723 shares of the company’s stock, valued at $568,035.65. The trade was a 6.12 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Luke C. Brandenberg purchased 8,495 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $6.10 per share, with a total value of $51,819.50. Following the completion of the transaction, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 83,174 shares of company stock worth $520,493. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds have recently added to or reduced their stakes in the stock. Ground Swell Capital LLC purchased a new position in shares of Granite Ridge Resources in the third quarter worth approximately $66,000. nVerses Capital LLC purchased a new stake in Granite Ridge Resources in the 2nd quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Granite Ridge Resources by 20.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock valued at $100,000 after acquiring an additional 2,709 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Granite Ridge Resources by 52.3% in the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after acquiring an additional 7,965 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Granite Ridge Resources by 155.7% in the third quarter. SG Americas Securities LLC now owns 26,335 shares of the company’s stock worth $156,000 after acquiring an additional 16,037 shares during the period. 31.56% of the stock is owned by institutional investors.

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.