FY2024 EPS Estimates for Granite Ridge Resources, Inc. (NYSE:GRNT) Decreased by Analyst

Granite Ridge Resources, Inc. (NYSE:GRNT) – Investment analysts at Capital One Financial lowered their FY2024 earnings estimates for shares of Granite Ridge Resources in a research note issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $0.52 per share for the year, down from their previous estimate of $0.61. 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’ Q4 2024 earnings at $0.13 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.09 EPS and Q4 2025 earnings at $0.09 EPS.

Granite Ridge Resources (NYSE:GRNT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The business had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. During the same quarter in the prior year, the company posted $0.19 EPS.

Separately, Bank of America reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.95.

Granite Ridge Resources Price Performance

Shares of NYSE GRNT opened at $6.32 on Thursday. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $7.10. The company has a market cap of $826.30 million, a PE ratio of 14.04, a P/E/G 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. The business has a 50-day simple moving average of $6.44 and a two-hundred day simple moving average of $6.41.

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 paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.96%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s payout ratio is 97.78%.

Insider Transactions at Granite Ridge Resources

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company’s stock worth $100,000 after purchasing an additional 2,709 shares during the period. Principal Financial Group Inc. increased its holdings in Granite Ridge Resources by 17.2% in the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock valued at $171,000 after buying an additional 3,980 shares in the last quarter. Swiss National Bank raised its position in shares of Granite Ridge Resources by 11.6% in the fourth quarter. Swiss National Bank now owns 66,500 shares of the company’s stock worth $400,000 after acquiring an additional 6,900 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in shares of Granite Ridge Resources by 14.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock worth $374,000 after acquiring an additional 7,304 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after acquiring an additional 7,965 shares during the period. 31.56% of the stock is owned by institutional investors and hedge funds.

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.