Granite Ridge Resources, Inc. (NYSE:GRNT) Short Interest Declines in December

Granite Ridge Resources, Inc. (NYSE:GRNT) experienced a notable reduction in short interest during December. By December 15th, short interest totaled 3,220,000 shares, reflecting a 9.0% drop from the previous month's total of 3,540,000 shares as of November 30th. This indicates that approximately 6.1% of the company's stock is currently short sold. With an average daily trading volume of 511,400 shares, the number of days it would take to cover these short positions stands at 6.3 days.

Wall Street Analysts Offer Insights

In a separate report, Evercore ISI has recently lowered its price target for Granite Ridge Resources from $8.00 to $7.00, maintaining an "in-line" rating on the stock as of September 30th.

Latest Market Report on Granite Ridge Resources

Granite Ridge Resources Stock Performance

On Wednesday, Granite Ridge Resources' stock rose by 4.5%, reaching $6.46 per share. The trading volume hit 1,004,914 shares, well above the average 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 value of 0.23. Financial ratios reveal a quick ratio of 1.56 and a current ratio of 1.56, alongside a debt-to-equity ratio of 0.30. The stock has fluctuated between a 52-week low of $5.20 and a high of $7.10. The 50-day and 200-day simple moving averages are $6.22 and $6.28, respectively.

Dividend Declaration by Granite Ridge Resources

Granite Ridge Resources also recently announced a quarterly dividend, which was distributed on Monday, December 16th. Stockholders on record as of November 29th received a dividend payment of $0.11 per share, equating to an annualized dividend of $0.44 and a dividend yield of 6.81%. The ex-dividend date was also November 29th. Notably, the company's dividend payout ratio currently stands at 122.22%.

Insider Transactions at Granite Ridge Resources

In other developments, Director Matthew Reade Miller bought 41,000 shares of Granite Ridge Resources on December 6th, acquiring them at an average price of $6.10 per share for a total cost of $250,100.00. This purchase increased his direct ownership to 772,491 shares, valued at approximately $4,712,195.10, marking a 5.60% increase in his position. The transaction was documented in filings with the SEC. Meanwhile, CEO Luke C. Brandenberg purchased 5,000 shares on November 15th at an average price of $6.50 each, totaling $32,500. Following this transaction, he owns 96,633 shares, valued at $628,114.50, representing a 5.46% rise in his holdings. In total, insiders have acquired 83,174 shares, worth around $520,493, over the last ninety days. Company insiders hold approximately 1.90% of the total shares outstanding.

Institutional Investment Patterns

Recent trading activity indicates that several institutional investors have increased their stakes in Granite Ridge Resources. American Century Companies Inc. raised its holdings by 35.8% during the second quarter, now owning 1,357,179 shares valued at about $8,591,000 after purchasing an additional 357,705 shares. Similarly, Bank of New York Mellon Corp increased its share count by 6.8%, owning 1,233,733 shares worth approximately $7,810,000 following the acquisition of an extra 78,636 shares. Geode Capital Management LLC also boosted its investment by 35.1% in the third quarter, now owning 1,221,579 shares valued at $7,258,000 after gaining an additional 317,303 shares. Moreover, AQR Capital Management LLC enhanced its stake by 72.6% in the second quarter, owning 936,201 shares worth around $5,926,000. Additionally, State Street Corp raised its position by 1.4% in the third quarter, acquiring an extra 12,607 shares to own 887,319 shares valued at $5,271,000. In total, institutional investors possess approximately 31.56% of Granite Ridge Resources' shares.

About Granite Ridge Resources

Granite Ridge Resources, Inc. operates as a non-operated oil and gas exploration and production company, holding a diverse portfolio of wells and acreage across various unconventional basins in the United States, including the Permian Basin. The company is based in Dallas, Texas.

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