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

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 given a dividend of 0.11 per share on Monday, December 16th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date is Friday, November 29th.

Granite Ridge Resources has a dividend payout ratio of 68.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Granite Ridge Resources to earn $0.61 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 72.1%.

Granite Ridge Resources Trading Up 0.5 %

NYSE:GRNT opened at $6.56 on Thursday. The company has a market cap of $857.00 million, a P/E ratio of 18.21, a price-to-earnings-growth ratio of 1.76 and a beta of 0.19. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. The business has a 50 day moving average price of $6.21 and a two-hundred day moving average price of $6.33. 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 Activity at Granite Ridge Resources

In other news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average cost of $5.95 per share, for a total transaction of $29,750.00. Following the purchase, the chief financial officer now owns 81,723 shares of the company’s stock, valued at approximately $486,251.85. This trade represents a 6.52 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the transaction, the director now owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. The trade was a 1.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 45,668 shares of company stock valued at $289,787. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.