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

Key Points

• Granite Ridge Resources, Inc. has declared a quarterly dividend of $0.11 per share, with payment scheduled for September 15th, following an ex-dividend date of August 29th.
• The company reported earnings per share (EPS) of $0.11 for the last quarter, which missed analyst expectations by $0.02.
• Insider activity includes CEO Luke C. Brandenberg purchasing 18,252 shares at an average cost of $5.55 per share, indicating confidence in the company's future.

Granite Ridge Resources, Inc. (NYSE:GRNT - Get Free Report) declared a quarterly dividend on Friday, August 8th, Wall Street Journal reports. Stockholders of record on Friday, August 29th will be paid a dividend of 0.11 per share on Monday, September 15th. This represents a c) annualized dividend and a dividend yield of 8.2%. The ex-dividend date is Friday, August 29th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Granite Ridge Resources to earn $0.71 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 62.0%.

Granite Ridge Resources Stock Performance

Shares of NYSE:GRNT traded up $0.09 during trading on Tuesday, hitting $5.34. The stock had a trading volume of 120,848 shares, compared to its average volume of 546,003. Granite Ridge Resources has a 12-month low of $4.52 and a 12-month high of $7.00. The stock has a market capitalization of $700.22 million, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 0.70 and a beta of 0.34. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a 50-day simple moving average of $5.73 and a two-hundred day simple moving average of $5.66.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.02). The company had revenue of $109.22 million for the quarter, compared to analysts' expectations of $109.69 million. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. On average, equities research analysts expect that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Insider Activity at Granite Ridge Resources

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 18,252 shares of the company's stock in a transaction on Thursday, May 15th. The shares were bought at an average cost of $5.55 per share, with a total value of $101,298.60. Following the completion of the acquisition, the chief executive officer owned 151,167 shares in the company, valued at approximately $838,976.85. This trade represents a 13.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Reade Miller acquired 17,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was acquired at an average cost of $5.98 per share, for a total transaction of $101,660.00. Following the completion of the acquisition, the director owned 1,261,877 shares of the company's stock, valued at $7,546,024.46. This trade represents a 1.37% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 46,896 shares of company stock valued at $270,002. 8.50% of the stock is owned by company insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently bought and sold shares of GRNT. Vanguard Group Inc. grew its holdings in Granite Ridge Resources by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 4,234,276 shares of the company's stock valued at $27,353,000 after purchasing an additional 418,059 shares during the period. Trexquant Investment LP acquired a new stake in Granite Ridge Resources in the 4th quarter worth about $277,000. Wells Fargo & Company MN boosted its holdings in Granite Ridge Resources by 304.2% in the 4th quarter. Wells Fargo & Company MN now owns 97,703 shares of the company's stock worth $631,000 after buying an additional 73,531 shares during the last quarter. Barclays PLC boosted its stake in shares of Granite Ridge Resources by 35.1% in the fourth quarter. Barclays PLC now owns 109,545 shares of the company's stock worth $708,000 after acquiring an additional 28,453 shares during the last quarter. Finally, Mariner LLC boosted its stake in shares of Granite Ridge Resources by 64.6% in the fourth quarter. Mariner LLC now owns 29,097 shares of the company's stock worth $188,000 after acquiring an additional 11,424 shares during the last quarter. 31.56% of the stock is owned by institutional investors and hedge funds.

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.