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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the recipient of a significant growth in short interest in 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 short-interest ratio is currently 7.2 days. Currently, 7.3% of the shares of the stock are short sold.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $6.84 on Friday. 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 has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. The company has a 50 day simple moving average of $6.41 and a two-hundred day simple moving average of $6.34. The company has a market capitalization of $893.61 million, a PE ratio of 18.99, a P/E/G ratio of 1.62 and a beta of 0.22.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 6.44%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Insider Buying and Selling at Granite Ridge Resources

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

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in 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 worth $8,591,000 after purchasing an additional 357,705 shares in the last quarter. Geode Capital Management LLC increased its stake 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 valued at $7,258,000 after acquiring an additional 317,303 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Granite Ridge Resources by 72.6% in 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. State Street Corp lifted its position in shares of Granite Ridge Resources by 1.4% during the 3rd quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after acquiring an additional 12,607 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in Granite Ridge Resources during the second quarter worth $2,891,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analysts Set New Price Targets

Separately, Evercore ISI decreased their price objective on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a report on Monday, September 30th.

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.