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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, August 6th. Investors of record on Friday, August 28th will be paid a dividend of 0.11 per share on Monday, September 14th. This represents a c) dividend on an annualized basis and a yield of 8.9%. The ex-dividend date is Friday, August 28th.

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 $0.75 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 58.7%.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock traded up $0.28 during mid-day trading on Friday, reaching $4.93. 860,209 shares of the company’s stock were exchanged, compared to its average volume of 873,497. The business’s fifty day simple moving average is $4.67 and its 200 day simple moving average is $5.08. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14. The firm has a market capitalization of $650.93 million, a PE ratio of -19.74 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Granite Ridge Resources had a positive return on equity of 4.99% and a negative net margin of 7.13%.The firm had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million. On average, sell-side analysts expect that Granite Ridge Resources will post 0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GRNT shares. Northland Securities started coverage on shares of Granite Ridge Resources in a report on Wednesday, July 8th. They issued an “outperform” rating and a $9.00 price target on the stock. Wall Street Zen downgraded shares of Granite Ridge Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Stephens lowered their price objective on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.00.

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.