Granite Ridge Resources, Inc. (GRNT) To Go Ex-Dividend on November 28th

Granite Ridge Resources, Inc. (NYSE:GRNT) announced a quarterly dividend on Thursday, November 6th. Shareholders of record on Friday, November 28th will be given a dividend of 0.11 per share on Monday, December 15th. This represents a c) annualized dividend and a yield of 8.6%. The ex-dividend date is Friday, November 28th.

Granite Ridge Resources has a dividend payout ratio of 65.7% meaning 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 Up 1.3%

GRNT stock opened at $5.11 on Wednesday. Granite Ridge Resources has a fifty-two week low of $4.52 and a fifty-two week high of $7.00. The company has a market capitalization of $670.04 million, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 1.96 and a beta of 0.34. The business’s 50 day moving average price is $5.32 and its two-hundred day moving average price is $5.52. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41.

Granite Ridge Resources (NYSE:GRNT) last released its earnings results on Monday, September 11th. The company reported $0.61 EPS for the quarter. The company had revenue of $150.27 million during the quarter. Granite Ridge Resources had a return on equity of 12.12% and a net margin of 8.38%. As a group, analysts forecast that Granite Ridge Resources will post 0.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Zacks Research cut shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Granite Ridge Resources in a research note on Friday, October 31st. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Granite Ridge Resources has an average rating of “Hold” and an average target price of $8.00.

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.