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

Key Points

• Granite Ridge declared a quarterly dividend of $0.11 per share, payable December 14 to shareholders of record November 27. The annualized dividend is $0.44, representing a 9.4% yield.
• The dividend appears supported by earnings: the current payout ratio is 65.7%, and analysts expect it to fall to 42.3% next year. The company also beat quarterly estimates, reporting EPS of $0.17 versus $0.14 expected and revenue of $177.21 million versus $156.24 million expected.
• Company directors bought shares recently; insiders acquired 24,000 shares worth a total of $120,800 during the quarter.

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

Granite Ridge Resources has a dividend payout ratio of 65.7% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

NYSE:GRNT opened at $4.67 on Friday. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.14. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The firm has a fifty day simple moving average of $5.02 and a 200 day simple moving average of $5.07. The stock has a market capitalization of $616.63 million, a PE ratio of -22.26 and a beta of 0.19.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. The business had revenue of $177.21 million for the quarter, compared to the consensus estimate of $156.24 million. On average, research analysts expect that Granite Ridge Resources will post 0.47 EPS for the current fiscal year.

Insider Activity at Granite Ridge Resources

In related news, Director John McCartney acquired 5,000 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were purchased at an average cost of $5.04 per share, for a total transaction of $25,200.00. Following the completion of the acquisition, the director directly owned 154,143 shares in the company, valued at approximately $776,880.72. This trade represents a 3.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Miller acquired 10,000 shares of the firm's stock in a transaction on Friday, September 11th. The stock was bought at an average price of $5.03 per share, for a total transaction of $50,300.00. Following the completion of the acquisition, the director owned 1,974,292 shares of the company's stock, valued at approximately $9,930,688.76. The trade was a 0.51% 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 acquired 24,000 shares of company stock worth $120,800. Company insiders own 8.60% of the company's stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently modified their holdings of GRNT. BlackRock Inc. acquired a new stake in shares of Granite Ridge Resources during the second quarter worth $21,910,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Granite Ridge Resources in the first quarter valued at about $6,624,000. Bank of New York Mellon Corp bought a new position in Granite Ridge Resources during the second quarter worth about $4,162,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Granite Ridge Resources during the second quarter worth about $2,210,000. Finally, Dimensional Fund Advisors LP boosted its holdings 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 valued at $19,414,000 after purchasing an additional 448,066 shares during the period. Institutional investors 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.

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