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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 5th. Investors of record on Friday, November 27th will be paid a dividend of $0.11 per share on Monday, December 14th. This represents a $0.44 dividend on an annualized basis and a yield of 9.4%. The ex-dividend date of this dividend is Friday, November 27th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Granite Ridge Resources to earn $1.04 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 42.3%.

Granite Ridge Resources Trading Up 1.0%

Shares of NYSE:GRNT opened at $4.67 on Friday. The business’s 50 day simple moving average is $5.02 and its 200 day simple moving average is $5.07. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $616.63 million, a P/E ratio of -22.26 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. The firm had revenue of $177.21 million during the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. On average, research analysts anticipate that Granite Ridge Resources will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Granite Ridge Resources

In other news, Director Matthew Miller acquired 10,000 shares of the stock in a transaction on Friday, September 11th. The stock was acquired at an average cost of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the transaction, the director directly owned 1,974,292 shares in the company, valued at approximately $9,930,688.76. This trade represents a 0.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Ronald Kettler bought 6,000 shares of the business’s stock in a transaction on Friday, September 4th. The shares were acquired at an average price of $5.05 per share, with a total value of $30,300.00. Following the completion of the purchase, the chief financial officer directly owned 135,276 shares of the company’s stock, valued at approximately $683,143.80. The trade was a 4.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 24,000 shares of company stock worth $120,800 over the last three months. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently modified their holdings of the business. R Squared Ltd bought a new stake in shares of Granite Ridge Resources during the 3rd quarter worth $102,000. Allspring Global Investments Holdings LLC bought a new position in Granite Ridge Resources in the third quarter valued at about $46,000. Brighton Jones LLC bought a new position in Granite Ridge Resources in the third quarter valued at about $52,000. Pictet Asset Management Holding SA acquired a new position in Granite Ridge Resources during the third quarter worth about $59,000. Finally, Inscription Capital LLC raised its stake in Granite Ridge Resources by 17.7% during the third quarter. Inscription Capital LLC now owns 45,655 shares of the company’s stock worth $198,000 after acquiring an additional 6,862 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.