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

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. Based on an average daily trading volume, of 439,900 shares, the short-interest ratio is currently 6.2 days. Currently, 5.2% of the shares of the company are sold short.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT traded down $0.04 during trading on Tuesday, hitting $6.38. The company had a trading volume of 146,437 shares, compared to its average volume of 433,071. The firm has a market capitalization of $834.12 million, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 1.71 and a beta of 0.23. The stock has a fifty day simple moving average of $6.23 and a two-hundred day simple moving average of $6.34. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.90%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s payout ratio is 122.23%.

Wall Street Analyst Weigh In

Separately, Evercore ISI dropped their price objective on 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.

Insider Activity at Granite Ridge Resources

In related news, CFO Tyler Farquharson bought 5,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $5.95 per share, for a total transaction of $29,750.00. Following the completion of the purchase, the chief financial officer now directly owns 81,723 shares of the company’s stock, valued at $486,251.85. This represents a 6.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Reade Miller purchased 18,173 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.49 per share, with a total value of $117,942.77. Following the completion of the transaction, the director now owns 711,164 shares of the company’s stock, valued at $4,615,454.36. This represents a 2.62 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 45,668 shares of company stock worth $289,787 over the last quarter. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

A number of hedge funds have recently made changes to their positions in GRNT. CWM LLC raised its holdings in Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares during the last quarter. Ground Swell Capital LLC acquired a new position in Granite Ridge Resources during the third quarter worth $66,000. nVerses Capital LLC purchased a new stake in Granite Ridge Resources in the 2nd quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 valued at $100,000 after purchasing an additional 2,709 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Granite Ridge Resources by 52.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock worth $147,000 after purchasing an additional 7,965 shares during the last quarter. 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.