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

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Thursday, August 6th. Stockholders 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 dividend payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. 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%

Shares of NYSE GRNT traded up $0.28 during mid-day trading on Friday, hitting $4.93. The company had a trading volume of 876,754 shares, compared to its average volume of 873,643. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.14. The company has a market capitalization of $650.93 million, a PE ratio of -19.74 and a beta of 0.20. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50-day simple moving average is $4.67 and its 200 day simple moving average is $5.08.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping 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 company had revenue of $149.27 million during the quarter, compared to analysts’ expectations of $139.44 million. On average, analysts predict that Granite Ridge Resources will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Ronald Kyle Kettler bought 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average price of $5.08 per share, for a total transaction of $30,480.00. Following the transaction, the chief financial officer directly owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Griffin Perry purchased 100,000 shares of the company’s stock in a transaction on Monday, May 18th. The shares were bought at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the transaction, the director directly owned 1,163,903 shares in the company, valued at $6,389,827.47. This represents a 9.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 148,780 shares of company stock valued at $798,208. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Institutional investors have recently made changes to their positions in the business. Sherbrooke Park Advisers LLC increased its position in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock valued at $111,000 after purchasing an additional 2,357 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in shares of Granite Ridge Resources by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after buying an additional 2,596 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Granite Ridge Resources by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock valued at $152,000 after buying an additional 2,798 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Granite Ridge Resources by 35.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after acquiring an additional 3,010 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of Granite Ridge Resources by 15.9% during the 3rd quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock worth $140,000 after acquiring an additional 3,550 shares during the period. 31.56% of the stock is currently owned by institutional investors.

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.