Granite Ridge Resources, Inc. (GRNT) To Go Ex-Dividend on February 28th

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Tuesday, February 18th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a dividend yield of 7.32%. The ex-dividend date is Friday, February 28th.

Granite Ridge Resources has a payout ratio of 59.5% indicating that 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 Stock Down 2.0 %

GRNT stock opened at $6.01 on Wednesday. The company has a market cap of $785.77 million, a price-to-earnings ratio of 16.81, a P/E/G ratio of 1.29 and a beta of 0.22. Granite Ridge Resources has a twelve month low of $5.47 and a twelve month high of $7.10. The business has a 50 day moving average price of $6.35 and a two-hundred day moving average price of $6.28. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30.

Insider Buying and Selling at Granite Ridge Resources

In other news, CEO Luke C. Brandenberg acquired 8,495 shares of Granite Ridge Resources stock in a transaction dated Wednesday, December 11th. The stock was bought at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the acquisition, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Reade Miller bought 41,000 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the purchase, the director now owns 772,491 shares of the company’s stock, valued at $4,712,195.10. This trade represents a 5.60 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 51,501 shares of company stock valued at $314,286 in the last quarter. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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