Granite Ridge Resources, Inc. (NYSE:GRNT) Sees Significant Decline in Short Interest

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a large drop in short interest in December. As of December 15th, there was short interest totalling 3,220,000 shares, a drop of 9.0% from the November 30th total of 3,540,000 shares. Approximately 6.1% of the company’s stock are short sold. Based on an average trading volume of 511,400 shares, the days-to-cover ratio is currently 6.3 days.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI reduced their target price on 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 Performance

NYSE:GRNT traded up $0.28 during trading hours on Wednesday, hitting $6.46. 1,004,914 shares of the company were exchanged, compared to its average volume of 463,539. The company’s 50 day moving average price is $6.22 and its 200-day moving average price is $6.28. The stock has a market capitalization of $844.61 million, a price-to-earnings ratio of 17.94, a PEG ratio of 1.62 and a beta of 0.23. Granite Ridge Resources has a 52-week low of $5.20 and a 52-week high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.81%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller purchased 18,173 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average cost of $6.49 per share, with a total value of $117,942.77. Following the completion of the acquisition, the director now owns 711,164 shares of the company’s stock, valued at $4,615,454.36. This trade represents a 2.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Tyler Farquharson purchased 5,000 shares of Granite Ridge Resources stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average cost of $6.55 per share, for a total transaction of $32,750.00. Following the completion of the transaction, the chief financial officer now owns 86,723 shares of the company’s stock, valued at approximately $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 83,174 shares of company stock valued at $520,493. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRNT. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Granite Ridge Resources by 20.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after acquiring an additional 2,709 shares during the period. Principal Financial Group Inc. grew its position in Granite Ridge Resources by 17.2% during the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after purchasing an additional 3,980 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares during the last quarter. Sfmg LLC raised its stake in shares of Granite Ridge Resources by 5.5% during the 2nd quarter. Sfmg LLC now owns 191,420 shares of the company’s stock valued at $1,212,000 after buying an additional 9,960 shares during the last quarter. Finally, Ground Swell Capital LLC acquired a new position in shares of Granite Ridge Resources in the 3rd quarter valued at about $66,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.