Granite Ridge Resources (GRNT) Expected to Announce Quarterly Earnings on Thursday

Granite Ridge Resources (NYSE:GRNT) is projected to issue its quarterly earnings data before the market opens on Thursday, March 6th. Analysts expect the company to announce earnings of $0.14 per share and revenue of $100.68 million for the quarter. Persons that wish to listen to the company’s earnings conference call can do so using this link.

Granite Ridge Resources Trading Up 0.3 %

Shares of Granite Ridge Resources stock opened at $5.65 on Wednesday. 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 has a market cap of $738.05 million, a price-to-earnings ratio of 15.68, a PEG ratio of 1.29 and a beta of 0.22. The company’s fifty day simple moving average is $6.35 and its 200-day simple moving average is $6.26. Granite Ridge Resources has a 1 year low of $5.46 and a 1 year high of $7.10.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 7.79%. The ex-dividend date of this dividend is Friday, February 28th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.22%.

Insider Buying and Selling

In other news, CEO Luke C. Brandenberg acquired 8,495 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average price of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Reade Miller bought 41,000 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $6.10 per share, with a total value of $250,100.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. Insiders bought 51,501 shares of company stock worth $314,286 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Capital One Financial downgraded shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.60.

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.