Capital One Financial Forecasts GRNT FY2024 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Research analysts at Capital One Financial lifted their FY2024 earnings per share (EPS) estimates for Granite Ridge Resources in a report released on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $0.52 per share for the year, up from their previous estimate of $0.51. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ FY2025 earnings at $0.59 EPS.

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

Granite Ridge Resources Price Performance

Shares of GRNT opened at $6.79 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $6.35 and its 200 day simple moving average is $6.32. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a market cap of $887.75 million, a price-to-earnings ratio of 18.86, a PEG ratio of 1.61 and a beta of 0.22.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds have recently made changes to their positions in GRNT. Charles Schwab Investment Management Inc. increased its stake in shares of Granite Ridge Resources by 50.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock worth $2,522,000 after purchasing an additional 141,634 shares in the last quarter. Denali Advisors LLC bought a new stake in Granite Ridge Resources during the 2nd quarter valued at $802,000. Geode Capital Management LLC lifted its position in shares of Granite Ridge Resources by 35.1% during the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after acquiring an additional 317,303 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Granite Ridge Resources by 40.0% in the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after acquiring an additional 21,852 shares during the period. Finally, Barclays PLC grew its position in shares of Granite Ridge Resources by 306.9% in the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after purchasing an additional 61,162 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg bought 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the acquisition, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at approximately $665,680.80. The trade was a 8.44 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Reade Miller bought 41,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the acquisition, the director now directly owns 772,491 shares of the company’s stock, valued at approximately $4,712,195.10. This represents a 5.60 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 83,174 shares of company stock valued at $520,493 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.44 annualized dividend and a dividend yield of 6.48%. Granite Ridge Resources’s payout ratio is 122.22%.

Granite Ridge Resources Company Profile

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.