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

Key Points

• Granite Ridge Resources declared a quarterly dividend of $0.11 per share, payable September 14 to shareholders of record August 28. The annualized dividend yield is approximately 8.9%, with a 65.7% payout ratio.
• The company reported quarterly earnings of $0.09 per share, beating analyst expectations of $0.08, while revenue of $149.27 million also exceeded estimates. Shares rose 5.9% to $4.93.
• Insiders were net buyers, acquiring 148,780 shares worth approximately $798,208 during the last quarter; insiders own 8.6% of the company, while institutional investors own 31.56%.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) declared a quarterly dividend on Thursday, August 6th. Investors of record on Friday, August 28th will be given 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 8.9%. The ex-dividend date of this dividend is Friday, August 28th.

Granite Ridge Resources has a payout ratio of 65.7% meaning 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 Up 5.9%

NYSE GRNT traded up $0.28 on Friday, hitting $4.93. 860,209 shares of the company were exchanged, compared to its average volume of 873,497. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market cap of $650.93 million, a PE ratio of -19.74 and a beta of 0.20. The stock has a fifty day moving average of $4.67 and a 200-day moving average of $5.08. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Granite Ridge Resources had a negative net margin of 7.13% and a positive return on equity of 4.99%. The firm had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. As a group, analysts forecast that Granite Ridge Resources will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Matthew Reade Miller acquired 18,180 shares of the stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average cost of $5.21 per share, with a total value of $94,717.80. Following the completion of 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Griffin Perry bought 100,000 shares of the company's stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the acquisition, the director directly owned 1,163,903 shares of the company's stock, valued at approximately $6,389,827.47. This represents a 9.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 148,780 shares of company stock worth $798,208 in the last quarter. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several large investors have recently bought and sold shares of GRNT. First Horizon Corp purchased a new position in Granite Ridge Resources during the 4th quarter worth $35,000. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% during the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in 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 in the last quarter. OpenArc Corporate Advisory LLC bought a new stake in Granite Ridge Resources in the 4th quarter worth about $52,000. Finally, Tower Research Capital LLC TRC increased its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after buying an additional 4,635 shares during the last quarter. 31.56% of the stock is currently owned by 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.

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