Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Drops By 9.0%

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) saw a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 3,220,000 shares, a decrease of 9.0% from the November 30th total of 3,540,000 shares. Based on an average daily volume of 511,400 shares, the short-interest ratio is presently 6.3 days. Approximately 6.1% of the shares of the stock are short sold.

Insider Activity at Granite Ridge Resources

In other news, CFO Tyler Farquharson bought 5,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $6.55 per share, for a total transaction of $32,750.00. Following the transaction, the chief financial officer now directly owns 86,723 shares of the company's stock, valued at $568,035.65. This represents a 6.12 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Reade Miller bought 41,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the transaction, the director now owns 772,491 shares in the company, valued at $4,712,195.10. This trade represents a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 83,174 shares of company stock valued at $520,493 over the last three months. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position 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 worth $8,591,000 after purchasing an additional 357,705 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 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 worth $7,810,000 after buying an additional 78,636 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Granite Ridge Resources by 35.1% during the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock valued at $7,258,000 after buying an additional 317,303 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Granite Ridge Resources by 72.6% during the second 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. Finally, State Street Corp raised its holdings in Granite Ridge Resources by 1.4% in the 3rd quarter. State Street Corp now owns 887,319 shares of the company's stock worth $5,271,000 after acquiring an additional 12,607 shares during the last quarter. 31.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Granite Ridge Resources Stock Up 4.5 %

Shares of Granite Ridge Resources stock traded up $0.28 during trading on Wednesday, hitting $6.46. The company's stock had a trading volume of 1,004,914 shares, compared to its average volume of 463,539. Granite Ridge Resources has a 52 week low of $5.20 and a 52 week high of $7.10. The company has a market capitalization of $844.61 million, a PE ratio of 17.94, a P/E/G ratio of 1.62 and a beta of 0.23. The company has a fifty day simple moving average of $6.23 and a two-hundred day simple moving average of $6.29. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 6.81%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources's payout ratio is 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.