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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a large increase in short interest in 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. Based on an average trading volume of 447,800 shares, the days-to-cover ratio is currently 7.9 days. Approximately 6.8% of the shares of the stock are short sold.

Analyst Ratings Changes

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

Insider Transactions at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 8,495 shares of Granite Ridge Resources stock in a transaction on Wednesday, December 11th. The stock was bought at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the transaction, the chief executive officer now owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Reade Miller acquired 18,173 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the acquisition, the director now owns 711,164 shares of the company’s stock, valued at approximately $4,615,454.36. This represents a 2.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 82,668 shares of company stock valued at $517,442 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP purchased a new stake in shares of Granite Ridge Resources during the 2nd quarter valued at approximately $2,891,000. AQR Capital Management LLC grew its stake in Granite Ridge Resources by 72.6% during the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after purchasing an additional 393,787 shares in the last quarter. American Century Companies Inc. grew its position in shares of Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after buying an additional 357,705 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after purchasing an additional 317,303 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Granite Ridge Resources by 50.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after buying an additional 141,634 shares during the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

GRNT traded down $0.04 on Friday, hitting $6.10. 427,497 shares of the company’s stock were exchanged, compared to its average volume of 438,681. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. 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 firm has a 50-day moving average price of $6.25 and a 200-day moving average price of $6.31. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30.

Granite Ridge Resources Announces Dividend

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

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.