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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, May 7th. Investors of record on Friday, May 29th will be given a dividend of 0.11 per share on Friday, June 12th. This represents a c) dividend on an annualized basis and a yield of 7.9%. The ex-dividend date is Friday, May 29th.

Granite Ridge Resources has a payout ratio of 65.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Granite Ridge Resources to earn $0.79 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 55.7%.

Granite Ridge Resources Price Performance

GRNT stock opened at $5.59 on Friday. Granite Ridge Resources has a 52 week low of $4.18 and a 52 week high of $6.72. The firm has a market capitalization of $736.72 million, a P/E ratio of 31.03, a price-to-earnings-growth ratio of 0.51 and a beta of 0.26. The company has a fifty day simple moving average of $5.48 and a two-hundred day simple moving average of $5.15. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.61.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a return on equity of 8.91% and a net margin of 5.41%. Analysts anticipate that Granite Ridge Resources will post 0.7 earnings per share for the current fiscal year.

Insider Transactions at Granite Ridge Resources

In other news, CEO Tyler Farquharson purchased 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average cost of $5.21 per share, with a total value of $65,125.00. Following the purchase, the chief executive officer owned 334,743 shares in the company, valued at approximately $1,744,011.03. This trade represents a 3.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michele J. Everard purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average price of $5.17 per share, for a total transaction of $25,850.00. Following the completion of the acquisition, the director directly owned 71,143 shares in the company, valued at $367,809.31. The trade was a 7.56% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 43,158 shares of company stock worth $222,814. 8.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

A number of institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in shares of Granite Ridge Resources in the third quarter valued at about $26,000. First Horizon Corp bought a new stake in shares of Granite Ridge Resources in the 4th quarter valued at about $35,000. Osaic Holdings Inc. raised its holdings in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock worth $36,000 after purchasing an additional 5,492 shares during the period. Finally, OpenArc Corporate Advisory LLC purchased a new stake in shares of Granite Ridge Resources in the 4th quarter worth approximately $52,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.