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

Key Points

• Dividend declared: Granite Ridge announced a quarterly dividend of $0.11 per share (record May 29, payable June 12), equal to a $0.44 annualized payout and a ~7.9% yield; the payout ratio is 65.7% with analysts forecasting $0.79 EPS next year (implying ~55.7% future coverage).
• Quarterly results mixed: The company reported $0.02 EPS versus $0.09 expected (a $0.07 miss) while revenue of $128.3M slightly topped estimates, and the stock opened at $5.59 (down ~2%).
• Insiders buying: CEO Tyler Farquharson purchased 12,500 shares (avg $5.21) and CFO Ronald Kettler bought 5,000 shares (avg $5.18); insiders acquired 43,158 shares in the last 90 days and collectively own 8.40% of the company.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) announced a quarterly dividend on Thursday, May 7th. Stockholders of record on Friday, May 29th will be paid a dividend of 0.11 per share on Friday, June 12th. This represents a c) dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date of this dividend is Friday, May 29th.

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 $0.79 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 55.7%.

Granite Ridge Resources Stock Down 2.0%

Shares of GRNT stock opened at $5.59 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25. The firm's 50-day moving average is $5.48 and its 200-day moving average is $5.15. The stock has a market cap of $736.72 million, a price-to-earnings ratio of 31.03, a PEG ratio of 0.51 and a beta of 0.26. Granite Ridge Resources has a 52-week low of $4.18 and a 52-week high of $6.72.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). The firm had revenue of $128.26 million during the quarter, compared to the consensus estimate of $126.68 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.91%. Sell-side analysts predict that Granite Ridge Resources will post 0.7 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Tyler Farquharson purchased 12,500 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $5.21 per share, for a total transaction of $65,125.00. Following the purchase, the chief executive officer owned 334,743 shares in the company, valued at approximately $1,744,011.03. This represents a 3.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ronald Kyle Kettler purchased 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average price of $5.18 per share, for a total transaction of $25,900.00. Following the purchase, the chief financial officer owned 120,276 shares in the company, valued at $623,029.68. The trade was a 4.34% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 43,158 shares of company stock worth $222,814 in the last 90 days. Corporate insiders own 8.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GRNT. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources during the 3rd quarter worth approximately $26,000. First Horizon Corp acquired a new position in shares of Granite Ridge Resources during the 4th quarter worth approximately $35,000. Osaic Holdings Inc. grew its position in shares of Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after purchasing an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Granite Ridge Resources by 2,398.3% during 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. Finally, OpenArc Corporate Advisory LLC acquired a new position in shares of Granite Ridge Resources during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 31.56% 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.

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