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

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 5th. Stockholders of record on Friday, November 27th will be paid a dividend of $0.11 per share on Monday, December 14th. This represents a $0.44 annualized dividend and a dividend yield of 8.9%. The ex-dividend date of this dividend is Friday, November 27th.

Granite Ridge Resources has a payout ratio of 65.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

NYSE GRNT opened at $4.95 on Friday. The stock has a market cap of $653.17 million, a P/E ratio of -23.81 and a beta of 0.19. The company’s 50-day simple moving average is $5.02 and its 200 day simple moving average is $5.07. Granite Ridge Resources has a twelve month low of $4.18 and a twelve month high of $6.14. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.76.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The firm had revenue of $177.21 million during the quarter, compared to analysts’ expectations of $156.24 million. Granite Ridge Resources had a negative net margin of 5.56% and a positive return on equity of 4.67%. As a group, research analysts forecast that Granite Ridge Resources will post 0.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Zacks Research upgraded Granite Ridge Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. Wall Street Zen raised shares of Granite Ridge Resources from a “sell” rating to a “buy” rating in a report on Sunday, August 9th. Freedom Capital raised shares of Granite Ridge Resources from a “hold” rating to a “strong-buy” rating in a report on Sunday, August 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Granite Ridge Resources in a research report on Wednesday, August 19th. Finally, Northland Securities set a $11.00 price target on shares of Granite Ridge Resources in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Granite Ridge Resources currently has an average rating of “Moderate Buy” and an average price target of $11.00.

About Granite Ridge Resources

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.