Granite Ridge Resources, Inc. (GRNT) to Distribute Quarterly Dividend of $0.11 on December 14th

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 5th. Stockholders of record on Friday, November 27th will be given a dividend of $0.11 per share on Monday, December 14th. This represents a $0.44 annualized dividend and a dividend yield of 8.3%. The ex-dividend date of this dividend is Friday, November 27th.

Granite Ridge Resources has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Granite Ridge Resources to earn $1.04 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 42.3%.

Granite Ridge Resources Trading Up 12.9%

GRNT stock opened at $5.27 on Friday. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.14. The stock has a market cap of $695.38 million, a price-to-earnings ratio of -13.18 and a beta of 0.19. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average is $5.03 and its 200 day moving average is $5.07.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. The business had revenue of $177.21 million during the quarter, compared to the consensus estimate of $156.24 million. Granite Ridge Resources had a positive return on equity of 4.67% and a negative net margin of 5.56%. On average, sell-side analysts anticipate that Granite Ridge Resources will post 0.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GRNT shares. Zacks Research raised shares of Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Freedom Capital raised Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Northland Securities set a $11.00 target price on Granite Ridge Resources in a research note on Tuesday, October 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Granite Ridge Resources in a research note on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Granite Ridge Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

Granite Ridge Resources Company Profile

Granite Ridge Resources, Inc (NYSE:GRNT) is an independent oil and natural gas exploration and production company. The company primarily owns interests in upstream properties and focuses on developing and producing crude oil, natural gas and natural gas liquids.

Granite Ridge operates primarily through a non-operated business model, partnering with other exploration and production companies that manage drilling and field operations. Its portfolio includes assets across several major U.S.