Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Expands By 5.4%

Granite Ridge Resources, Inc. (NYSE:GRNT) saw a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 2,720,000 shares, a growth of 5.4% from the October 31st total of 2,580,000 shares. Based on an average daily volume of 439,900 shares, the short-interest ratio is presently 6.2 days. Currently, 5.2% of the company’s shares are sold short.

Granite Ridge Resources Trading Down 1.9 %

NYSE GRNT traded down $0.12 during trading on Wednesday, reaching $6.29. 85,918 shares of the stock traded hands, compared to its average volume of 434,582. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. 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 cap of $822.35 million, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.70 and a beta of 0.23. The stock’s 50-day moving average price is $6.23 and its 200 day moving average price is $6.34.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.00%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Analyst Ratings Changes

Separately, Evercore ISI lowered their price target 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.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 18,173 shares of Granite Ridge Resources stock in a transaction on 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 transaction, the director now owns 711,164 shares of the company’s stock, valued at $4,615,454.36. The trade was a 2.62 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were purchased at an average cost of $5.95 per share, with a total value of $29,750.00. Following the completion of the purchase, the chief financial officer now owns 81,723 shares in the company, valued at $486,251.85. This represents a 6.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 45,668 shares of company stock valued at $289,787 in the last ninety days. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP bought a new stake in shares of Granite Ridge Resources in the 2nd quarter valued at about $2,891,000. AQR Capital Management LLC raised its stake in Granite Ridge Resources by 72.6% in 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. raised its position in shares of 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 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 third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after purchasing an additional 317,303 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings 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 acquiring an additional 141,634 shares during the period. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.