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

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

Insider Buying and Selling

In other Granite Ridge Resources news, Director Matthew Reade Miller bought 18,173 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $6.49 per share, with a total value of $117,942.77. Following the purchase, the director now directly owns 711,164 shares in the company, valued at approximately $4,615,454.36. This represents a 2.62 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg purchased 5,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $6.50 per share, with a total value of $32,500.00. Following the transaction, the chief executive officer now directly owns 96,633 shares in the company, valued at $628,114.50. This trade represents a 5.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 45,668 shares of company stock worth $289,787. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Granite Ridge Resources by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock valued at $10,943,000 after buying an additional 47,182 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Granite Ridge Resources by 57.9% during the first quarter. California State Teachers Retirement System now owns 57,133 shares of the company’s stock worth $371,000 after purchasing an additional 20,944 shares in the last quarter. CWM LLC lifted its holdings in shares of 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 purchasing an additional 9,978 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Granite Ridge Resources by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after purchasing an additional 78,636 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after buying an additional 2,709 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Evercore ISI cut their price target 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.

Granite Ridge Resources Stock Down 0.6 %

Shares of NYSE:GRNT traded down $0.04 during trading hours on Tuesday, reaching $6.38. The stock had a trading volume of 146,437 shares, compared to its average volume of 433,071. Granite Ridge Resources has a 1 year low of $5.20 and a 1 year high of $7.10. The firm’s 50 day moving average is $6.23 and its 200-day moving average is $6.34. The stock has a market capitalization of $834.12 million, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.71 and a beta of 0.23. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 6.90%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is presently 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.