Granite Ridge Resources, Inc. (NYSE:GRNT) Plans Quarterly Dividend of $0.11

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) declared a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Investors of record on Friday, November 29th will be paid a dividend of 0.11 per share on Monday, December 16th. This represents a $0.44 annualized dividend and a yield of 6.76%. The ex-dividend date of this dividend is Friday, November 29th.

Granite Ridge Resources has a payout ratio of 75.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings decline. Equities research analysts expect Granite Ridge Resources to earn $0.55 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 80.0%.

Granite Ridge Resources Stock Up 2.7 %

GRNT stock traded up $0.17 during midday trading on Friday, hitting $6.51. The company's stock had a trading volume of 1,088,021 shares, compared to its average volume of 280,363. The company's fifty day moving average price is $6.10 and its 200 day moving average price is $6.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.24 and a quick ratio of 2.24. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. The stock has a market capitalization of $851.12 million, a P/E ratio of 15.50, a PEG ratio of 1.66 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The firm had revenue of $90.65 million during the quarter, compared to the consensus estimate of $96.97 million. During the same period last year, the business earned $0.19 EPS. As a group, equities research analysts predict that Granite Ridge Resources will post 0.55 EPS for the current year.

Analyst Ratings Changes

Separately, Evercore ISI dropped their price objective on shares of Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating on the stock in a research report on Monday, September 30th.

Insider Transactions at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 8,500 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The shares were purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the purchase, the director now directly owns 692,496 shares of the company's stock, valued at approximately $4,134,201.12. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 5,000 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $6.23 per share, for a total transaction of $31,150.00. Following the transaction, the chief executive officer now directly owns 91,633 shares in the company, valued at $570,873.59. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Reade Miller bought 8,500 shares of the firm's stock in a transaction on Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, for a total transaction of $50,745.00. Following the transaction, the director now owns 692,496 shares of the company's stock, valued at approximately $4,134,201.12. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 30,433 shares of company stock valued at $189,581. 1.90% of the stock is owned by corporate insiders.

Granite Ridge Resources Company Profile

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.