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 Tuesday, February 18th, Wall Street Journal reports. Investors of record on Friday, February 28th will be paid a dividend of 0.11 per share on Friday, March 14th. This represents a $0.44 annualized dividend and a yield of 7.18%. The ex-dividend date is Friday, February 28th.

Granite Ridge Resources has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Granite Ridge Resources to earn $0.71 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 62.0%.

Granite Ridge Resources Price Performance

NYSE GRNT traded down $0.29 on Friday, hitting $6.13. 497,294 shares of the company were exchanged, compared to its average volume of 244,631. The firm has a 50 day moving average of $6.35 and a two-hundred day moving average of $6.28. The company has a market cap of $800.78 million, a P/E ratio of 17.01, a P/E/G ratio of 1.29 and a beta of 0.22. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a 1-year low of $5.47 and a 1-year high of $7.10.

Insiders Place Their Bets

In related news, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares in the company, valued at $665,680.80. The trade was a 8.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Matthew Reade Miller purchased 41,000 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $6.10 per share, with a total value of $250,100.00. Following the completion of the purchase, the director now owns 772,491 shares in the company, valued at $4,712,195.10. The trade was a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 54,001 shares of company stock valued at $330,711. 1.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Capital One Financial cut Granite Ridge Resources from an "overweight" rating to an "equal weight" rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Granite Ridge Resources currently has an average rating of "Moderate Buy" and an average target price of $7.60.

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.