Capital One Financial Weighs in on GRNT FY2024 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) - Equities research analysts at Capital One Financial reduced their FY2024 EPS estimates for shares of Granite Ridge Resources in a research report issued on Monday, November 18th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $0.51 per share for the year, down from their prior 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 decreased their price target on shares of Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating on the stock in a research note on Monday, September 30th.

Granite Ridge Resources Price Performance

Shares of Granite Ridge Resources stock traded down $0.02 during trading on Wednesday, reaching $6.48. 143,034 shares of the stock traded hands, compared to its average volume of 430,920. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $847.22 million, a price-to-earnings ratio of 18.03, a P/E/G 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. The business has a fifty day simple moving average of $6.17 and a two-hundred day simple moving average of $6.33.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.79%. The ex-dividend date is Friday, November 29th. Granite Ridge Resources's dividend payout ratio is currently 122.22%.

Insider Activity

In other news, Director Matthew Reade Miller bought 8,500 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now owns 692,496 shares of the company's stock, valued at $4,134,201.12. This represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tyler Farquharson purchased 5,000 shares of the business's stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $5.95 per share, for a total transaction of $29,750.00. Following the purchase, the chief financial officer now owns 81,723 shares of the company's stock, valued at approximately $486,251.85. This trade represents a 6.52 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 25,495 shares of company stock valued at $158,564. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRNT. Barclays PLC lifted its position in shares of Granite Ridge Resources by 306.9% in the 3rd quarter. Barclays PLC now owns 81,092 shares of the company's stock worth $482,000 after purchasing an additional 61,162 shares during the period. Geode Capital Management LLC raised its stake in Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company's stock worth $7,258,000 after buying an additional 317,303 shares in the last quarter. State Street Corp lifted its holdings in Granite Ridge Resources by 1.4% during the third quarter. State Street Corp now owns 887,319 shares of the company's stock worth $5,271,000 after buying an additional 12,607 shares during the period. Janus Henderson Group PLC boosted its position in Granite Ridge Resources by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company's stock valued at $455,000 after acquiring an additional 21,852 shares in the last quarter. Finally, PDT Partners LLC bought a new stake in Granite Ridge Resources during the 3rd quarter valued at $281,000. 31.56% of the stock is currently owned by institutional investors.

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.