Equities Analysts Offer Predictions for GRNT FY2024 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities researchers 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 earn $0.51 per share for the year, down from their prior forecast of $0.52. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ Q4 2024 earnings at $0.12 EPS.

Separately, Evercore ISI lowered their target price on 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 Trading Up 1.4 %

NYSE:GRNT opened at $6.61 on Wednesday. The firm’s 50 day moving average is $6.18 and its 200 day moving average is $6.33. Granite Ridge Resources has a 12 month low of $5.20 and a 12 month high of $7.10. The stock has a market capitalization of $864.19 million, a PE ratio of 18.36, a price-to-earnings-growth ratio of 1.72 and a beta of 0.19. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.66%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is presently 122.23%.

Insider Activity at Granite Ridge Resources

In other news, CFO Tyler Farquharson acquired 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $6.55 per share, with a total value of $32,750.00. Following the completion of the purchase, the chief financial officer now owns 86,723 shares in the company, valued at approximately $568,035.65. The trade was a 6.12 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Reade Miller bought 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the acquisition, the director now directly owns 692,496 shares in the company, valued at $4,134,201.12. This trade represents a 1.24 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 43,168 shares of company stock worth $273,362. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GRNT. Vanguard Group Inc. increased its position in shares of Granite Ridge Resources by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,683,523 shares of the company’s stock worth $10,943,000 after purchasing an additional 47,182 shares during the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Granite Ridge Resources by 32.9% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock worth $10,680,000 after buying an additional 406,500 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Granite Ridge Resources by 35.8% during the 2nd quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after acquiring an additional 357,705 shares during the last quarter. Bank of New York Mellon Corp grew its position in Granite Ridge Resources by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 1,233,733 shares of the company’s stock worth $7,810,000 after acquiring an additional 78,636 shares in the last quarter. Finally, Geode Capital Management LLC grew its position 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 acquiring an additional 317,303 shares in the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

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.