Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Grows By 30.1%

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 3,540,000 shares, an increase of 30.1% from the November 15th total of 2,720,000 shares. Currently, 6.8% of the company’s shares are short sold. Based on an average daily volume of 447,800 shares, the short-interest ratio is presently 7.9 days.

Wall Street Analyst Weigh In

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

Granite Ridge Resources Stock Down 0.7 %

GRNT stock traded down $0.04 during mid-day trading on Friday, reaching $6.10. 427,497 shares of the company traded hands, compared to its average volume of 438,681. The stock has a market cap of $797.54 million, a price-to-earnings ratio of 16.94, a P/E/G ratio of 1.62 and a beta of 0.23. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. The firm’s 50 day moving average price is $6.25 and its 200 day moving average price is $6.31.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 7.21%. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 122.22%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 41,000 shares of the stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $6.10 per share, with a total value of $250,100.00. Following the transaction, the director now owns 772,491 shares in the company, valued at approximately $4,712,195.10. The trade was a 5.60 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the completion of the transaction, the chief financial officer now owns 86,723 shares in the company, valued at approximately $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 82,668 shares of company stock valued at $517,442 in the last three months. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Denali Advisors LLC purchased a new position in Granite Ridge Resources in the second quarter valued at approximately $802,000. GSA Capital Partners LLP purchased a new position in Granite Ridge Resources in the third quarter valued at approximately $361,000. CWA Asset Management Group LLC purchased a new position in Granite Ridge Resources in the third quarter valued at approximately $711,000. American Century Companies Inc. lifted its stake in Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after purchasing an additional 357,705 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after purchasing an additional 78,636 shares during the last quarter. Hedge funds and other 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.