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

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Thursday, August 6th. Shareholders of record on Friday, August 28th will be paid a dividend of 0.11 per share on Monday, September 14th. This represents a c) dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date is Friday, August 28th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Granite Ridge Resources to earn $0.75 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 58.7%.

Granite Ridge Resources Stock Performance

Shares of GRNT opened at $4.87 on Friday. The company has a market cap of $642.75 million, a price-to-earnings ratio of -23.20 and a beta of 0.20. The business’s fifty day simple moving average is $4.67 and its two-hundred day simple moving average is $5.08. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%. Research analysts anticipate that Granite Ridge Resources will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Reade Miller purchased 18,180 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average price of $5.21 per share, for a total transaction of $94,717.80. Following the purchase, the director directly owned 1,350,213 shares in the company, valued at $7,034,609.73. This trade represents a 1.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Tyler Farquharson purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was bought at an average price of $5.15 per share, for a total transaction of $51,500.00. Following the purchase, the chief executive officer owned 344,743 shares in the company, valued at approximately $1,775,426.45. This represents a 2.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 148,780 shares of company stock valued at $798,208. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently made changes to their positions in GRNT. BlackRock Inc. bought a new position in Granite Ridge Resources during the second quarter valued at approximately $21,910,000. Bank of America Corp DE grew its holdings in Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock valued at $28,828,000 after buying an additional 4,449,582 shares in the last quarter. Vanguard Group Inc. increased its stake in Granite Ridge Resources by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,472,643 shares of the company’s stock worth $24,197,000 after acquiring an additional 282,132 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Granite Ridge Resources by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,306,999 shares of the company’s stock worth $19,414,000 after acquiring an additional 448,066 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Granite Ridge Resources by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,477,157 shares of the company’s stock worth $6,944,000 after acquiring an additional 95,810 shares in the last quarter. 31.56% of the stock is owned by institutional investors.

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.