Roth Capital Issues Negative Estimate for GRNT Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT - Free Report) - Investment analysts at Roth Capital decreased their Q3 2024 earnings estimates for shares of Granite Ridge Resources in a report issued on Friday, October 25th. Roth Capital analyst J. White now forecasts that the company will earn $0.10 per share for the quarter, down from their prior estimate of $0.13. The consensus estimate for Granite Ridge Resources' current full-year earnings is $0.55 per share. Roth Capital also issued estimates for Granite Ridge Resources' Q4 2024 earnings at $0.11 EPS and Q3 2025 earnings at $0.13 EPS.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The company had revenue of $90.65 million during the quarter, compared to the consensus estimate of $96.97 million. Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. During the same period last year, the company earned $0.19 earnings per share.

Separately, Evercore ISI lowered their target price on Granite Ridge Resources from $8.00 to $7.00 and set an "in-line" rating for the company in a research note on Monday, September 30th.

Granite Ridge Resources Trading Down 0.9 %

Shares of GRNT stock traded down $0.05 on Monday, reaching $5.91. The company had a trading volume of 273,938 shares, compared to its average volume of 426,495. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The stock has a market cap of $772.04 million, a PE ratio of 13.12, a PEG ratio of 1.56 and a beta of 0.19. The company has a 50-day moving average of $6.16 and a 200-day moving average of $6.36. Granite Ridge Resources has a 12 month low of $5.20 and a 12 month high of $7.10.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently made changes to their positions in GRNT. CWM LLC lifted its holdings in Granite Ridge Resources by 4,228.0% during the 2nd quarter. CWM LLC now owns 10,214 shares of the company's stock valued at $65,000 after purchasing an additional 9,978 shares during the last quarter. nVerses Capital LLC acquired a new stake in Granite Ridge Resources during the 2nd quarter valued at $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Granite Ridge Resources by 20.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,876 shares of the company's stock valued at $100,000 after purchasing an additional 2,709 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company's stock valued at $147,000 after purchasing an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new position in Granite Ridge Resources during the 1st quarter worth $150,000. Institutional investors and hedge funds own 31.56% of the company's stock.

Insider Buying and Selling

In other news, Director Matthew Reade Miller purchased 8,500 shares of Granite Ridge Resources stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $5.97 per share, with a total value of $50,745.00. Following the transaction, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Tyler Farquharson acquired 5,000 shares of the business's stock in a transaction dated Wednesday, September 11th. The stock was bought at an average price of $5.95 per share, with a total value of $29,750.00. Following the acquisition, the chief financial officer now owns 81,723 shares in the company, valued at $486,251.85. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Reade Miller acquired 8,500 shares of the business's stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $5.97 per share, with a total value of $50,745.00. Following the acquisition, the director now owns 692,496 shares in the company, valued at $4,134,201.12. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 30,433 shares of company stock valued at $189,581. 1.90% of the stock is owned by corporate insiders.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.44 dividend on an annualized basis and a yield of 7.45%. Granite Ridge Resources's payout ratio 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.