Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Grows By 20.8%

Granite Ridge Resources, Inc. (NYSE:GRNT) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,890,000 shares, a growth of 20.8% from the December 15th total of 3,220,000 shares. Based on an average daily trading volume, of 538,700 shares, the days-to-cover ratio is presently 7.2 days. Currently, 7.3% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Separately, Evercore ISI dropped their target price on shares of 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.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 8,495 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was acquired 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 in the company, valued at $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Reade Miller purchased 18,173 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price 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. The trade was a 2.62 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 83,174 shares of company stock valued at $520,493 over the last three months. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently modified their holdings of GRNT. Dimensional Fund Advisors LP bought a new position in shares of Granite Ridge Resources during the second quarter valued at approximately $2,891,000. AQR Capital Management LLC boosted its position 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 valued at $5,926,000 after acquiring an additional 393,787 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Granite Ridge Resources by 35.8% in the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after acquiring an additional 357,705 shares during the period. Geode Capital Management LLC raised 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 worth $7,258,000 after acquiring an additional 317,303 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Granite Ridge Resources by 50.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after purchasing an additional 141,634 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $6.84 on Friday. The stock has a market capitalization of $893.64 million, a price-to-earnings ratio of 18.99, a P/E/G ratio of 1.62 and a beta of 0.22. 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 has a twelve month low of $5.20 and a twelve month high of $7.10. The stock has a fifty day simple moving average of $6.41 and a two-hundred day simple moving average of $6.34.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.44%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s payout ratio is 122.22%.

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.