Capital One Financial Analysts Cut Earnings Estimates for Granite Ridge Resources, Inc. (NYSE:GRNT)

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities researchers at Capital One Financial decreased their Q3 2024 earnings estimates for shares of Granite Ridge Resources in a research report issued to clients and investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $0.15 per share for the quarter, down from their previous forecast 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.

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

Granite Ridge Resources Trading Down 2.7 %

Shares of GRNT opened at $6.23 on Friday. The stock’s 50-day moving average price is $6.43 and its 200 day moving average price is $6.42. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $814.54 million, a price-to-earnings ratio of 13.84, a P/E/G ratio of 1.45 and a beta of 0.19. Granite Ridge Resources has a 12-month low of $5.20 and a 12-month high of $7.10.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The company had revenue of $90.65 million for the quarter, compared to analyst estimates of $96.97 million. During the same period in the prior year, the company posted $0.19 EPS.

Granite Ridge Resources Dividend Announcement

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

Insider Activity

In related news, Director Matthew Reade Miller acquired 8,500 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the purchase, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Tyler Farquharson bought 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was bought at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the completion of the purchase, the chief financial officer now owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Reade Miller bought 8,500 shares of Granite Ridge Resources stock in a transaction dated 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 completion of the acquisition, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 30,433 shares of company stock worth $189,581. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors have recently bought and sold shares of the business. CWM LLC grew its holdings in shares of Granite Ridge Resources by 4,228.0% during the second quarter. CWM LLC now owns 10,214 shares of the company’s stock worth $65,000 after purchasing an additional 9,978 shares during the last quarter. nVerses Capital LLC acquired a new position in Granite Ridge Resources during the 2nd quarter worth about $99,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 worth $100,000 after buying an additional 2,709 shares in the last quarter. The Manufacturers Life Insurance Company grew 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 worth $147,000 after acquiring an additional 7,965 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Granite Ridge Resources in the 1st quarter valued at about $150,000. Institutional investors own 31.56% of the company’s stock.

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.