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

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

Granite Ridge Resources has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Granite Ridge Resources stock traded up $0.14 during trading hours on Tuesday, reaching $6.36. 263,956 shares of the stock were exchanged, compared to its average volume of 369,205. The company has a market cap of $831.77 million, a P/E ratio of 17.67, a price-to-earnings-growth ratio of 1.36 and a beta of 0.22. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a twelve month low of $5.47 and a twelve month high of $7.10. The stock has a 50 day moving average of $6.33 and a two-hundred day moving average of $6.27.

Insiders Place Their Bets

In related news, CEO Luke C. Brandenberg purchased 8,495 shares of Granite Ridge Resources stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the purchase, the chief executive officer now owns 109,128 shares in the company, valued at approximately $665,680.80. This trade represents a 8.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Reade Miller purchased 41,000 shares of Granite Ridge Resources stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the completion of the purchase, the director now owns 772,491 shares in the company, valued at $4,712,195.10. This represents a 5.60 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 72,174 shares of company stock worth $448,653 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

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.