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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the recipient of a large growth in short interest in the month of 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 volume of 538,700 shares, the days-to-cover ratio is currently 7.2 days. Approximately 7.3% of the company’s stock are short sold.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock opened at $6.84 on Friday. 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 stock has a market capitalization of $893.61 million, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 1.62 and a beta of 0.22. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month 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.

Granite Ridge Resources Dividend Announcement

The business also recently announced 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. The ex-dividend date was Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.44%. Granite Ridge Resources’s payout ratio is 122.23%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg purchased 8,495 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $6.10 per share, with a total value of $51,819.50. Following the transaction, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. This represents a 8.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was bought at an average price of $6.55 per share, with a total value of $32,750.00. Following the acquisition, the chief financial officer now directly owns 86,723 shares in the company, valued at $568,035.65. This represents a 6.12 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 83,174 shares of company stock valued at $520,493 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GRNT. Ground Swell Capital LLC bought a new stake in Granite Ridge Resources during the third quarter worth $66,000. The Manufacturers Life Insurance Company raised its holdings 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 worth $147,000 after buying an additional 7,965 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Granite Ridge Resources by 155.7% during the 3rd quarter. SG Americas Securities LLC now owns 26,335 shares of the company’s stock worth $156,000 after buying an additional 16,037 shares during the last quarter. PDT Partners LLC acquired a new stake in Granite Ridge Resources in the third quarter valued at about $281,000. Finally, XTX Topco Ltd bought a new position in Granite Ridge Resources in the second quarter valued at about $320,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Evercore ISI dropped their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock 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.