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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 6th. Stockholders of record on Friday, November 28th will be paid 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 is Friday, November 28th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 $0.35 during midday trading on Friday, reaching $5.06. 247,864 shares of the company were exchanged, compared to its average volume of 532,259. The stock has a market cap of $663.47 million, a P/E ratio of 21.10, a PEG ratio of 1.92 and a beta of 0.34. Granite Ridge Resources has a 1 year low of $4.52 and a 1 year high of $7.00. The stock has a fifty day simple moving average of $5.40 and a 200 day simple moving average of $5.50. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.43.

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

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.