GRNT FY2024 EPS Estimate Cut by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities researchers at Capital One Financial reduced their FY2024 earnings estimates for shares of Granite Ridge Resources in a research note issued on Monday, November 18th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $0.51 per share for the year, down from their previous estimate of $0.52. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.55 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ Q4 2024 earnings at $0.12 EPS.

Separately, Evercore ISI lowered their price objective on 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 0.3 %

Shares of GRNT opened at $6.52 on Wednesday. The stock’s 50-day moving average price is $6.18 and its 200-day moving average price is $6.33. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $852.45 million, a price-to-earnings ratio of 18.11, a PEG ratio of 1.68 and a beta of 0.19. Granite Ridge Resources has a 52 week low of $5.20 and a 52 week high of $7.10.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources’s payout ratio is 122.22%.

Insider Activity at Granite Ridge Resources

In other news, Director Matthew Reade Miller acquired 8,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, with a total value of $50,745.00. Following the transaction, the director now owns 692,496 shares in the company, valued at approximately $4,134,201.12. This trade represents a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $5.95 per share, with a total value of $29,750.00. Following the completion of the transaction, the chief financial officer now owns 81,723 shares in the company, valued at approximately $486,251.85. This represents a 6.52 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 24,995 shares of company stock worth $155,419. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in GRNT. Swiss National Bank boosted its stake in shares of Granite Ridge Resources by 77.6% during the first quarter. Swiss National Bank now owns 118,100 shares of the company’s stock worth $768,000 after buying an additional 51,600 shares during the period. Vanguard Group Inc. increased its stake in Granite Ridge Resources by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock valued at $10,943,000 after buying an additional 47,182 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Granite Ridge Resources by 14.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 57,615 shares of the company’s stock valued at $374,000 after acquiring an additional 7,304 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of Granite Ridge Resources by 32.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after acquiring an additional 406,500 shares during the period. Finally, California State Teachers Retirement System raised its holdings in Granite Ridge Resources by 57.9% during the first quarter. California State Teachers Retirement System now owns 57,133 shares of the company’s stock worth $371,000 after purchasing an additional 20,944 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company’s stock.

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.