Granite Ridge Resources, Inc. (GRNT) To Go Ex-Dividend on November 29th

Granite Ridge Resources, Inc. (NYSE:GRNT) 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 dividend on an annualized basis and a yield of 6.76%. The ex-dividend date is Friday, November 29th.

Granite Ridge Resources has a dividend 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 tumble. 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 Performance

Shares of NYSE GRNT traded up $0.17 during trading on Friday, reaching $6.51. 1,088,021 shares of the company traded hands, compared to its average volume of 280,363. Granite Ridge Resources has a 12-month low of $5.20 and a 12-month high of $7.10. The stock has a market cap of $851.12 million, a P/E ratio of 15.50, a PEG ratio of 1.66 and a beta of 0.19. The firm’s fifty day simple moving average is $6.10 and its 200 day simple moving average is $6.33. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $90.65 million during the quarter, compared to analyst estimates 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 in the previous year, the business posted $0.19 earnings per share. As a group, research analysts anticipate that Granite Ridge Resources will post 0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Evercore ISI dropped their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a research report on Monday, September 30th.

Insiders Place Their Bets

In other Granite Ridge Resources news, CFO Tyler Farquharson bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average price of $5.95 per share, with a total value of $29,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 81,723 shares of the company’s stock, valued at $486,251.85. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew Reade Miller acquired 8,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was bought at an average price 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. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $5.95 per share, for a total transaction of $29,750.00. Following the transaction, the chief financial officer now directly owns 81,723 shares of the company’s stock, valued at approximately $486,251.85. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 30,433 shares of company stock worth $189,581 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

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.