Research Analysts Offer Predictions for GRNT Q3 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Stock analysts at Roth Capital lowered their Q3 2024 earnings per share (EPS) estimates for shares of Granite Ridge Resources in a research note issued to investors on Friday, October 25th. Roth Capital analyst J. White now expects that the company will post earnings per share of $0.10 for the quarter, down from their prior estimate of $0.13. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.55 per share. Roth Capital also issued estimates for Granite Ridge Resources’ Q4 2024 earnings at $0.11 EPS and Q3 2025 earnings at $0.13 EPS.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The business had revenue of $90.65 million for the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.19 earnings per share.

Separately, Evercore ISI dropped their price target on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Granite Ridge Resources Stock Up 0.2 %

Shares of GRNT stock opened at $5.96 on Monday. The firm’s fifty day moving average price is $6.17 and its two-hundred day moving average price is $6.37. Granite Ridge Resources has a 1 year low of $5.20 and a 1 year high of $7.10. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $779.23 million, a P/E ratio of 13.24, a PEG ratio of 1.56 and a beta of 0.19.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP purchased a new stake in shares of Granite Ridge Resources in the second quarter valued at about $2,891,000. Silvercrest Asset Management Group LLC boosted its holdings in Granite Ridge Resources by 32.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after acquiring an additional 406,500 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after purchasing an additional 393,787 shares during the last quarter. American Century Companies Inc. increased its position in Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after buying an additional 357,705 shares in the last quarter. Finally, Crown Advisors Management Inc. bought a new stake in shares of Granite Ridge Resources in the first quarter worth about $1,300,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Insiders Place Their Bets

In related news, Director Matthew Reade Miller acquired 4,938 shares of the stock in a transaction on Friday, August 16th. The shares were purchased at an average price of $6.50 per share, for a total transaction of $32,097.00. Following the purchase, the director now directly owns 679,996 shares in the company, valued at approximately $4,419,974. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Luke C. Brandenberg purchased 5,000 shares of Granite Ridge Resources stock in a transaction on Tuesday, August 13th. The shares were purchased at an average price of $6.23 per share, for a total transaction of $31,150.00. Following the transaction, the chief executive officer now owns 91,633 shares of the company’s stock, valued at approximately $570,873.59. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Reade Miller purchased 4,938 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were acquired at an average price of $6.50 per share, with a total value of $32,097.00. Following the completion of the acquisition, the director now owns 679,996 shares in the company, valued at approximately $4,419,974. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 30,433 shares of company stock worth $189,581 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Granite Ridge Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.38%. The ex-dividend date of this dividend was Friday, August 30th. 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.