Granite Ridge Resources, Inc. (NYSE:GRNT) Short Interest Up 5.4% in November

Granite Ridge Resources, Inc. (NYSE:GRNT) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 2,720,000 shares, an increase of 5.4% from the October 31st total of 2,580,000 shares. Currently, 5.2% of the shares of the stock are sold short. Based on an average trading volume of 439,900 shares, the days-to-cover ratio is currently 6.2 days.

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 18,173 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the transaction, the director now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were acquired at an average price of $5.95 per share, with a total value of $29,750.00. Following the transaction, the chief financial officer now directly owns 81,723 shares of the company’s stock, valued at $486,251.85. The trade was a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 45,668 shares of company stock worth $289,787. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds and other institutional investors have recently made changes to their positions in GRNT. Dimensional Fund Advisors LP purchased a new stake in shares of Granite Ridge Resources in the second quarter valued at $2,891,000. AQR Capital Management LLC grew its stake in Granite Ridge Resources by 72.6% in the 2nd quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after acquiring an additional 393,787 shares in the last quarter. American Century Companies Inc. increased its position in shares of Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after acquiring an additional 357,705 shares during the period. Geode Capital Management LLC increased its position 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 worth $7,258,000 after acquiring an additional 317,303 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after acquiring an additional 141,634 shares during the period. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Analysts Set New Price Targets

Separately, Evercore ISI lowered their price objective on shares of 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 Trading Down 2.9 %

Shares of GRNT opened at $6.23 on Thursday. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. The company has a market cap of $813.86 million, a P/E ratio of 17.29, a P/E/G ratio of 1.70 and a beta of 0.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $6.23 and its 200-day simple moving average is $6.33.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.07%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is currently 122.23%.

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.