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

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Friday, November 8th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be given 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 fall. Equities 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 %

NYSE GRNT traded up $0.17 on Friday, hitting $6.51. The stock had a trading volume of 1,087,999 shares, compared to its average volume of 424,533. The business’s fifty day moving average price is $6.09 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 52-week low of $5.20 and a 52-week high of $7.10. The stock has a market cap of $851.14 million, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 1.56 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same period last year, the firm earned $0.19 earnings per share. Equities research analysts anticipate that Granite Ridge Resources will post 0.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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 report on Monday, September 30th.

Insider Activity at Granite Ridge Resources

In other news, CFO Tyler Farquharson acquired 5,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was acquired at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the transaction, the chief financial officer now owns 76,723 shares in the company, valued at approximately $507,906.26. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Matthew Reade Miller bought 8,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average price of $5.97 per share, with a total value 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 trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were bought at an average cost of $6.62 per share, with a total value of $33,100.00. Following the purchase, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 30,433 shares of company stock worth $189,581 over the last three months. Company insiders own 1.90% of the company’s stock.

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.