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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced 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 annualized dividend and a yield of 6.75%. The ex-dividend date is Friday, November 29th.

Granite Ridge Resources has a dividend payout ratio of 71.0% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

NYSE:GRNT opened at $6.52 on Wednesday. The stock has a market cap of $852.42 million, a P/E ratio of 18.11, a PEG ratio of 1.76 and a beta of 0.19. Granite Ridge Resources has a one year low of $5.20 and a one year high of $7.10. The company has a fifty day moving average price of $6.21 and a 200 day moving average price of $6.33. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Analyst Ratings Changes

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

Insider Activity at Granite Ridge Resources

In related news, CEO Luke C. Brandenberg acquired 5,000 shares of Granite Ridge Resources stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $6.50 per share, with a total value of $32,500.00. Following the completion of the transaction, the chief executive officer now directly owns 96,633 shares in the company, valued at $628,114.50. This trade represents a 5.46 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Reade Miller bought 18,173 shares of Granite Ridge Resources stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $6.49 per share, with a total value of $117,942.77. Following the transaction, the director now owns 711,164 shares of the company’s stock, valued at $4,615,454.36. This trade represents a 2.62 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 43,168 shares of company stock worth $273,362 in the last ninety days. Company insiders own 1.90% of the company’s stock.

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.