Granite Ridge Resources, Inc. (GRNT) To Go Ex-Dividend on February 27th

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Friday, February 13th. Investors of record on Friday, February 27th will be given a dividend of 0.11 per share on Friday, March 13th. This represents a c) dividend on an annualized basis and a yield of 8.7%. The ex-dividend date is Friday, February 27th.

Granite Ridge Resources has a payout ratio of 65.7% meaning 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 Price Performance

GRNT traded down $0.08 during trading hours on Wednesday, hitting $5.06. The company’s stock had a trading volume of 246,969 shares, compared to its average volume of 607,920. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47. The business’s 50-day moving average price is $4.77 and its 200-day moving average price is $5.13. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.72. The stock has a market cap of $663.47 million, a price-to-earnings ratio of 18.05, a P/E/G ratio of 2.52 and a beta of 0.35.

Insider Buying and Selling

In other news, Director Matthew Reade Miller bought 9,388 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was bought at an average price of $5.33 per share, for a total transaction of $50,038.04. Following the completion of the purchase, the director owned 1,297,518 shares of the company’s stock, valued at approximately $6,915,770.94. The trade was a 0.73% 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 John Mccartney bought 5,000 shares of Granite Ridge Resources stock in a transaction on Monday, December 8th. The shares were bought at an average price of $5.26 per share, for a total transaction of $26,300.00. Following the acquisition, the director owned 113,117 shares of the company’s stock, valued at approximately $594,995.42. The trade was a 4.62% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 20,062 shares of company stock worth $106,668. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

Several hedge funds have recently added to or reduced their stakes in GRNT. State of Alaska Department of Revenue acquired a new position in shares of Granite Ridge Resources in the 3rd quarter worth approximately $26,000. First Horizon Corp purchased a new position in Granite Ridge Resources during the fourth quarter valued at approximately $35,000. Osaic Holdings Inc. increased its holdings in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after purchasing an additional 3,994 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after acquiring an additional 5,492 shares in the last quarter. Finally, OpenArc Corporate Advisory LLC purchased a new position in Granite Ridge Resources in the 4th quarter worth approximately $52,000. 31.56% of the stock is currently 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.