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

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Wednesday, May 6th. Shareholders of record on Friday, May 29th will be given a dividend of 0.11 per share on Friday, June 12th. This represents a c) dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend is Friday, May 29th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Granite Ridge Resources to earn $0.77 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 57.1%.

Granite Ridge Resources Stock Performance

GRNT opened at $5.19 on Wednesday. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.72. 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 firm has a market capitalization of $684.56 million, a PE ratio of -20.76 and a beta of 0.26. The firm has a 50 day moving average of $5.55 and a two-hundred day moving average of $5.16.

Granite Ridge Resources (NYSE:GRNT) last posted its quarterly 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 business had revenue of $128.26 million for the quarter, compared to analysts’ expectations of $126.68 million. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%. On average, analysts anticipate that Granite Ridge Resources will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

GRNT has been the topic of a number of analyst reports. Stephens dropped their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Monday. Finally, Weiss Ratings cut shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $11.00.

Granite Ridge Resources Company Profile

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.