Granite Ridge Resources (NYSE:GRNT) Shares Gap Up After Dividend Announcement

Granite Ridge Resources, Inc. (NYSE:GRNTGet Rating) shares gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $5.65, but opened at $5.78. Granite Ridge Resources shares last traded at $5.98, with a volume of 20,169 shares changing hands.

The newly announced dividend which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.26%. The ex-dividend date of this dividend is Wednesday, May 31st.

Granite Ridge Resources Trading Up 7.3 %

The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average is $5.71 and its two-hundred day moving average is $7.15.

Granite Ridge Resources (NYSE:GRNTGet Rating) last issued its earnings results on Monday, March 27th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.09). The business had revenue of $116.34 million during the quarter. As a group, analysts predict that Granite Ridge Resources, Inc. will post 0.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Luke C. Brandenberg acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The shares were acquired at an average cost of $5.67 per share, with a total value of $56,700.00. Following the acquisition, the chief executive officer now directly owns 39,820 shares of the company’s stock, valued at $225,779.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new position in shares of Granite Ridge Resources during the 1st quarter worth $67,000. Jane Street Group LLC bought a new stake in Granite Ridge Resources during the first quarter valued at about $80,000. Cubist Systematic Strategies LLC acquired a new stake in Granite Ridge Resources in the first quarter worth about $93,000. State Street Corp acquired a new stake in Granite Ridge Resources in the first quarter worth about $125,000. Finally, Avalon Investment & Advisory acquired a new stake in Granite Ridge Resources in the fourth quarter worth about $141,000.

About Granite Ridge Resources

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Grey Rock Energy Management, LLC manages private funds with interests in areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville play. It invests in oil and gas exploration and production. The company was formerly known as Granite Ridge Resources, Inc The company is based in Dallas, Texas.

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