Granite Ridge Resources (NYSE:GRNT - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.03, Zacks reports. Granite Ridge Resources had a net margin of 12.59% and a return on equity of 11.58%. The company had revenue of $106.31 million for the quarter, compared to the consensus estimate of $100.68 million.
Granite Ridge Resources Price Performance
GRNT stock traded up $0.11 during trading on Monday, hitting $5.46. The company had a trading volume of 536,627 shares, compared to its average volume of 454,613. The company has a fifty day moving average price of $6.31 and a two-hundred day moving average price of $6.24. Granite Ridge Resources has a fifty-two week low of $5.27 and a fifty-two week high of $7.10. The company has a market cap of $713.21 million, a P/E ratio of 15.15, a P/E/G ratio of 1.29 and a beta of 0.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30.
Granite Ridge Resources Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.07%. Granite Ridge Resources's payout ratio is presently 122.22%.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Stephens restated an "overweight" rating and set a $8.00 price target on shares of Granite Ridge Resources in a research note on Friday. Capital One Financial lowered 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, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.70.
View Our Latest Analysis on GRNT
Insiders Place Their Bets
In other news, CEO Luke C. Brandenberg purchased 8,495 shares of Granite Ridge Resources stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the transaction, the chief executive officer now directly owns 109,128 shares in the company, valued at approximately $665,680.80. This represents a 8.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.90% of the company's stock.
About Granite Ridge Resources
(
Get Free Report)
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.
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