Q3 2024 EPS Estimates for Granite Ridge Resources, Inc. (NYSE:GRNT) Decreased by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT) – Investment analysts at Capital One Financial decreased their Q3 2024 earnings estimates for Granite Ridge Resources in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $0.15 for the quarter, down from their prior estimate of $0.18. 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’ FY2025 earnings at $0.35 EPS and FY2026 earnings at $0.44 EPS.

Granite Ridge Resources (NYSE:GRNT) last issued 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). Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. The company had revenue of $90.65 million during the quarter, compared to analyst estimates of $96.97 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share.

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

Granite Ridge Resources Price Performance

NYSE GRNT opened at $6.23 on Friday. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. 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 $814.54 million, a PE ratio of 13.84, a PEG ratio of 1.45 and a beta of 0.19. The stock’s 50-day moving average price is $6.43 and its two-hundred day moving average price is $6.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GRNT. CWM LLC raised its stake in shares of Granite Ridge Resources by 4,228.0% in the 2nd quarter. CWM LLC now owns 10,214 shares of the company’s stock valued at $65,000 after acquiring an additional 9,978 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Granite Ridge Resources in the second quarter worth $99,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 buying an additional 2,709 shares during the period. The Manufacturers Life Insurance Company grew its stake in Granite Ridge Resources by 52.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after buying an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new position in Granite Ridge Resources in the 1st quarter worth $150,000. Institutional investors own 31.56% of the company’s stock.

Insider Buying and Selling

In related news, CFO Tyler Farquharson purchased 5,000 shares of the stock in a transaction dated Monday, August 19th. The shares were acquired at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares in the company, valued at approximately $507,906.26. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Tyler Farquharson purchased 5,000 shares of Granite Ridge Resources stock in a transaction dated Monday, August 19th. The stock was acquired at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares in the company, valued at $507,906.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Reade Miller acquired 4,938 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average price of $6.50 per share, for a total transaction of $32,097.00. Following the acquisition, the director now directly owns 679,996 shares of the company’s stock, valued at approximately $4,419,974. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 30,433 shares of company stock worth $189,581. 1.90% of the stock is owned by company insiders.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.06%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

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.