Brokers Offer Predictions for Granite Ridge Resources, Inc.’s Q3 2024 Earnings (NYSE:GRNT)

Granite Ridge Resources, Inc. (NYSE:GRNT) – Capital One Financial dropped their Q3 2024 earnings per share (EPS) estimates for shares of Granite Ridge Resources in a research report issued to clients and investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $0.15 per share for the quarter, down from their previous forecast of $0.18. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.59 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ FY2025 earnings at $0.35 EPS and FY2026 earnings at $0.44 EPS.

Granite Ridge Resources (NYSE:GRNT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. During the same period last year, the firm posted $0.19 earnings per share.

Separately, Bank of America reissued a “neutral” rating and set a $7.00 price target on shares of Granite Ridge Resources in a research report on Friday, June 14th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.95.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock opened at $6.28 on Friday. The stock’s 50 day moving average price is $6.43 and its 200 day moving average price is $6.42. The firm has a market capitalization of $821.07 million, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.45 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24. Granite Ridge Resources has a one year low of $5.20 and a one year high of $7.10.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors have recently made changes to their positions in GRNT. Georgetown University bought a new position in Granite Ridge Resources during the 4th quarter worth $15,818,000. Silvercrest Asset Management Group LLC grew its stake in Granite Ridge Resources by 32.9% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after buying an additional 406,500 shares during the last quarter. Denali Advisors LLC bought a new position in Granite Ridge Resources during the 2nd quarter worth $802,000. Susquehanna Fundamental Investments LLC bought a new position in Granite Ridge Resources during the 1st quarter worth $186,000. Finally, Swiss National Bank grew its stake in Granite Ridge Resources by 11.6% during the 4th quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after buying an additional 6,900 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 8,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Matthew Reade Miller purchased 8,500 shares of the stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now owns 692,496 shares of the company’s stock, valued at $4,134,201.12. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Luke C. Brandenberg purchased 5,000 shares of the stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $6.23 per share, with a total value of $31,150.00. Following the completion of the acquisition, the chief executive officer now directly owns 91,633 shares in the company, valued at approximately $570,873.59. The disclosure for this purchase can be found here. Insiders have acquired 30,433 shares of company stock worth $189,581 in the last three months. 1.90% of the stock is owned by insiders.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.11 per share. The ex-dividend date was Friday, August 30th. This represents a $0.44 annualized dividend and a yield of 7.01%. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

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.