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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Tuesday, February 18th, Wall Street Journal reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.11 per share on Friday, March 14th. This represents a $0.44 annualized dividend and a dividend yield of 7.32%. The ex-dividend date is Friday, February 28th.

Granite Ridge Resources has a dividend payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 2.0 %

Shares of NYSE GRNT opened at $6.01 on Wednesday. Granite Ridge Resources has a 1 year low of $5.47 and a 1 year high of $7.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $785.77 million, a PE ratio of 16.81, a price-to-earnings-growth ratio of 1.29 and a beta of 0.22. The company has a 50 day simple moving average of $6.35 and a 200 day simple moving average of $6.28.

Insider Buying and Selling at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg purchased 8,495 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the purchase, the chief executive officer now owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Reade Miller acquired 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 of the company’s stock, valued at approximately $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. Over the last ninety days, insiders purchased 51,501 shares of company stock valued at $314,286. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Separately, Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.60.

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.