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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, August 8th, Wall Street Journal reports. Investors of record on Friday, August 30th will be given a dividend of 0.11 per share on Friday, September 13th. This represents a $0.44 annualized dividend and a yield of 6.77%. The ex-dividend date of this dividend is Friday, August 30th.

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 $0.77 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 57.1%.

Granite Ridge Resources Stock Performance

NYSE:GRNT opened at $6.50 on Wednesday. The stock’s fifty day moving average is $6.48 and its 200 day moving average is $6.41. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The firm has a market capitalization of $849.84 million, a PE ratio of 14.44, a PEG ratio of 6.64 and a beta of 0.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate 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 15.43% and a return on equity of 14.35%. During the same quarter in the previous year, the company posted $0.19 EPS. On average, sell-side analysts anticipate that Granite Ridge Resources will post 0.6 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on GRNT shares. Roth Mkm started coverage on Granite Ridge Resources in a research report on Wednesday, May 15th. They issued a “buy” rating and a $8.80 price objective on the stock. Bank of America reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a research report on Friday, June 14th. Finally, Roth Capital raised Granite Ridge Resources to a “strong-buy” rating in a research report on Wednesday, May 15th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $7.95.

Insider Transactions at Granite Ridge Resources

In other news, CFO Tyler Farquharson purchased 5,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were acquired at an average price of $6.62 per share, with a total value of $33,100.00. Following the transaction, the chief financial officer now owns 76,723 shares of the company’s stock, valued at $507,906.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Tyler Farquharson purchased 5,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were acquired at an average price of $6.62 per share, with a total value of $33,100.00. Following the transaction, the chief financial officer now owns 76,723 shares of the company’s stock, valued at $507,906.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thaddeus Darden purchased 7,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were purchased at an average cost of $5.90 per share, for a total transaction of $41,300.00. Following the transaction, the director now directly owns 221,156 shares in the company, valued at approximately $1,304,820.40. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 39,138 shares of company stock valued at $245,872. 1.90% of the stock is currently owned by corporate insiders.

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.