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

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Friday, February 13th. Shareholders of record on Friday, February 27th will be given a dividend of 0.11 per share on Friday, March 13th. This represents a c) annualized dividend 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. 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 GRNT stock traded down $0.09 during trading hours on Wednesday, reaching $5.05. 213,739 shares of the company’s stock were exchanged, compared to its average volume of 607,368. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41. The company’s 50 day moving average is $4.77 and its two-hundred day moving average is $5.13. The company has a market cap of $662.16 million, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 2.52 and a beta of 0.35. Granite Ridge Resources has a 1 year low of $4.18 and a 1 year high of $6.72.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently 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.