Granite Ridge Resources, Inc. (GRNT) To Go Ex-Dividend on November 29th

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders 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 yield of 6.75%. The ex-dividend date of this dividend is Friday, November 29th.

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

GRNT opened at $6.52 on Wednesday. The company has a market capitalization of $852.42 million, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 1.76 and a beta of 0.19. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year 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.

Analysts Set New Price Targets

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

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller purchased 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 completion of the transaction, the director now directly owns 711,164 shares of the company’s stock, valued at $4,615,454.36. This trade represents a 2.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Luke C. Brandenberg acquired 5,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the completion of the transaction, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at $628,114.50. This represents a 5.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 43,168 shares of company stock valued at $273,362. Corporate 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.