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

Granite Ridge Resources, Inc. (NYSE:GRNT) experienced a notable drop in short interest during December. As of December 15th, short interest was reported at 3,220,000 shares, representing a 9.0% decline from the previous total of 3,540,000 shares as of November 30th. Currently, about 6.1% of the company's stock is sold short. With an average daily trading volume of 511,400 shares, the days-to-cover ratio stands at 6.3 days.

Wall Street Analyst Insights

In a separate note, Evercore ISI adjusted its price target for Granite Ridge Resources, lowering it from $8.00 to $7.00, while maintaining an "in-line" rating for the stock as of September 30th.

Recent Stock Performance

On Wednesday, Granite Ridge Resources saw its stock rise by 4.5%, trading at $6.46. The trading volume reached 1,004,914 shares, surpassing the average volume of 463,539 shares. The company's market capitalization is approximately $844.61 million with a price-to-earnings (P/E) ratio of 17.94, a price/earnings-to-growth (PEG) ratio of 1.62, and a beta of 0.23. Granite Ridge has a current and quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Over the last year, the stock reached a low of $5.20 and a high of $7.10, with a 50-day simple moving average of $6.22 and a 200-day simple moving average of $6.28.

Dividend Announcement

The company recently announced a quarterly dividend, which shareholders received on December 16th. A dividend of $0.11 per share was paid to stockholders recorded as of November 29th, resulting in an annualized dividend of $0.44 and a yield of 6.81%. The ex-dividend date was November 29th, and the current dividend payout ratio is at 122.22%.

Insider Transactions

In other developments, Director Matthew Reade Miller acquired 41,000 shares of Granite Ridge on December 6th at an average price of $6.10 per share, totaling $250,100. Post-transaction, he holds 772,491 shares valued at approximately $4.71 million, marking a 5.60% increase in his holdings. This transaction was disclosed to the SEC. Similarly, CEO Luke C. Brandenberg purchased 5,000 shares at $6.50 per share on November 15th, amounting to $32,500, which boosted her ownership by 5.46%. Over the past ninety days, insiders have bought a total of 83,174 shares valued at $520,493. Company insiders now represent 1.90% of total ownership.

Institutional Ownership Trends

Institutional investors have been active in purchasing and selling Granite Ridge shares. American Century Companies Inc. increased its stake by 35.8% during the second quarter, holding 1,357,179 shares worth about $8.59 million after buying an additional 357,705 shares. Meanwhile, Bank of New York Mellon Corp raised its share count by 6.8%, now owning 1,233,733 shares valued at approximately $7.81 million. Geode Capital Management LLC boosted its stake by 35.1% in the third quarter, now possessing 1,221,579 shares worth $7.26 million following the acquisition of 317,303 additional shares. AQR Capital Management LLC also increased its holdings by 72.6% to 936,201 shares valued at $5.93 million in the second quarter. Additionally, State Street Corp grew its interest by 1.4%, owning 887,319 shares worth about $5.27 million. In total, institutional investors control approximately 31.56% of Granite Ridge's stock.

Company Overview

Granite Ridge Resources operates as a non-operated oil and gas exploration and production company in the United States, maintaining a diverse portfolio of wells and land across the Permian Basin and various other unconventional regions. The company is headquartered in Dallas, Texas.

Granite, Resources, Stock