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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 6th. Shareholders of record on Friday, November 28th will be given a dividend of 0.11 per share on Monday, December 15th. This represents a c) annualized dividend and a dividend yield of 8.7%. The ex-dividend date of this dividend is Friday, November 28th.

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 $0.71 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 down $0.32 during midday trading on Friday, reaching $5.09. 314,642 shares of the company traded hands, compared to its average volume of 532,521. The firm’s fifty day moving average price is $5.40 and its two-hundred day moving average price is $5.50. The firm has a market capitalization of $667.41 million, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.92 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. Granite Ridge Resources has a 12 month low of $4.52 and a 12 month high of $7.00.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Monday, September 11th. The company reported $0.61 EPS for the quarter. The firm had revenue of $150.27 million during the quarter. Granite Ridge Resources had a net margin of 7.47% and a return on equity of 13.09%. On average, equities analysts expect that Granite Ridge Resources will post 0.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on GRNT. Wall Street Zen downgraded shares of Granite Ridge Resources from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.00.

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.