Granite Ridge Resources, Inc. (NYSE:GRNT) to Issue $0.11 Quarterly Dividend

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Tuesday, February 18th,Wall Street Journal reports. Shareholders of record on Friday, February 28th will be given a dividend of 0.11 per share on Friday, March 14th. This represents a $0.44 annualized dividend and a yield of 6.92%. The ex-dividend date is Friday, February 28th.

Granite Ridge Resources has a dividend payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Granite Ridge Resources to earn $0.64 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 68.8%.

Granite Ridge Resources Trading Up 2.3 %

Granite Ridge Resources stock traded up $0.14 during mid-day trading on Tuesday, hitting $6.36. 263,956 shares of the stock were exchanged, compared to its average volume of 369,205. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a 12 month low of $5.47 and a 12 month high of $7.10. The firm’s fifty day simple moving average is $6.33 and its two-hundred day simple moving average is $6.27. The stock has a market capitalization of $831.77 million, a price-to-earnings ratio of 17.67, a PEG ratio of 1.36 and a beta of 0.22.

Insider Activity

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 41,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $6.10 per share, with a total value of $250,100.00. Following the transaction, the director now owns 772,491 shares in the company, valued at $4,712,195.10. This trade represents a 5.60 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg purchased 8,495 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average cost of $6.10 per share, with a total value of $51,819.50. Following the transaction, the chief executive officer now owns 109,128 shares in the company, valued at $665,680.80. This trade represents a 8.44 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 72,174 shares of company stock worth $448,653 in the last quarter. 1.90% of the stock is owned by corporate insiders.

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.