Granite Ridge Resources, Inc. (NYSE:GRNT) Short Interest Down 9.0% in December

Granite Ridge Resources, Inc. (NYSE:GRNTGet Free Report) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 3,220,000 shares, a decrease of 9.0% from the November 30th total of 3,540,000 shares. Based on an average daily volume of 511,400 shares, the short-interest ratio is presently 6.3 days. Currently, 6.1% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Separately, Evercore ISI reduced 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.

Get Our Latest Stock Report on Granite Ridge Resources

Granite Ridge Resources Trading Up 4.5 %

GRNT stock traded up $0.28 during trading on Wednesday, hitting $6.46. The company had a trading volume of 1,004,914 shares, compared to its average volume of 463,539. The firm has a market capitalization of $844.61 million, a P/E ratio of 17.94, a PEG ratio of 1.62 and a beta of 0.23. 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 52-week low of $5.20 and a 52-week high of $7.10. The company has a 50 day simple moving average of $6.22 and a 200-day simple moving average of $6.28.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 6.81%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is presently 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 41,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $6.10 per share, with a total value of $250,100.00. Following the transaction, the director now directly owns 772,491 shares of the company’s stock, valued at $4,712,195.10. This trade represents a 5.60 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Luke C. Brandenberg acquired 5,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $6.50 per share, with a total value of $32,500.00. Following the purchase, the chief executive officer now owns 96,633 shares of the company’s stock, valued at $628,114.50. The trade was a 5.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 83,174 shares of company stock worth $520,493 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. raised its position in Granite Ridge Resources by 35.8% during the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after purchasing an additional 357,705 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock valued at $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Geode Capital Management LLC lifted its stake in Granite Ridge Resources by 35.1% in 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. AQR Capital Management LLC grew its holdings in Granite Ridge Resources by 72.6% during 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. Finally, State Street Corp increased its position in 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 purchasing an additional 12,607 shares during the period. Institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

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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.

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