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

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) saw 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 stock are short sold. Based on an average daily volume of 447,800 shares, the short-interest ratio is presently 7.9 days.

Analysts Set New Price Targets

Separately, Evercore ISI reduced 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 report on Monday, September 30th.

Granite Ridge Resources Stock Down 0.7 %

Shares of Granite Ridge Resources stock traded down $0.04 during trading on Friday, reaching $6.10. The stock had a trading volume of 427,497 shares, compared to its average volume of 438,681. The company has a market capitalization 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 stock has a fifty day moving average price of $6.25 and a two-hundred day moving average price of $6.31. Granite Ridge Resources has a 52 week low of $5.20 and a 52 week high of $7.10. 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 business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 7.21%. Granite Ridge Resources's payout ratio is presently 122.22%.

Insiders Place Their Bets

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average price of $6.50 per share, for a total transaction of $32,500.00. Following the purchase, the chief executive officer now directly owns 96,633 shares in the company, valued at $628,114.50. This trade represents a 5.46 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Reade Miller bought 41,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $6.10 per share, with a total value of $250,100.00. Following the purchase, 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 bought 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

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC increased its position in Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company's stock worth $482,000 after buying an additional 61,162 shares during the last quarter. Geode Capital Management LLC grew 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 valued at $7,258,000 after purchasing an additional 317,303 shares during the last quarter. State Street Corp grew its position in shares of Granite Ridge Resources by 1.4% in the third quarter. State Street Corp now owns 887,319 shares of the company's stock valued at $5,271,000 after purchasing an additional 12,607 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company's stock valued at $455,000 after purchasing an additional 21,852 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in shares of Granite Ridge Resources in the third quarter valued at approximately $281,000. 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.

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