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

Granite Ridge Resources, Inc. (NYSE:GRNT) was the target of a significant increase in short interest in 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. Approximately 5.2% of the company’s shares are sold short. Based on an average trading volume of 439,900 shares, the days-to-cover ratio is presently 6.2 days.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 18,173 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $6.49 per share, for a total transaction of $117,942.77. Following the completion of the purchase, the director now owns 711,164 shares in the company, valued at approximately $4,615,454.36. This trade represents a 2.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Tyler Farquharson bought 5,000 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $5.95 per share, with a total value of $29,750.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 45,668 shares of company stock valued at $289,787. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC raised its holdings in shares of Granite Ridge Resources by 4,228.0% in the second quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after buying an additional 9,978 shares during the last quarter. Ground Swell Capital LLC purchased a new position in shares of Granite Ridge Resources in the third quarter worth $66,000. nVerses Capital LLC purchased a new position in shares of Granite Ridge Resources in the second quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank raised 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 worth $100,000 after buying an additional 2,709 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Granite Ridge Resources by 52.3% in the second 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 during the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI decreased their target price 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 %

NYSE:GRNT opened at $6.23 on Thursday. Granite Ridge Resources has a 52 week low of $5.20 and a 52 week high of $7.10. The firm has a 50 day moving average of $6.23 and a 200 day moving average of $6.33. 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 $813.86 million, a price-to-earnings ratio of 17.29, a PEG ratio of 1.70 and a beta of 0.23.

Granite Ridge Resources Dividend Announcement

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