GRNT FY2024 EPS Forecast Boosted by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT) – Capital One Financial raised their FY2024 earnings per share estimates for Granite Ridge Resources in a note issued to investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $0.52 for the year, up from their prior estimate of $0.51. 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’ FY2025 earnings at $0.59 EPS.

Separately, Evercore ISI dropped their price objective on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating for the company in a report on Monday, September 30th.

Granite Ridge Resources Stock Down 1.5 %

Shares of Granite Ridge Resources stock opened at $6.79 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.56 and a current ratio of 1.56. Granite Ridge Resources has a 52-week low of $5.20 and a 52-week high of $7.10. The company’s 50 day moving average price is $6.35 and its 200-day moving average price is $6.32. The stock has a market capitalization of $887.75 million, a price-to-earnings ratio of 18.86, a P/E/G ratio of 1.61 and a beta of 0.22.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is 122.22%.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller acquired 41,000 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the purchase, the director now directly owns 772,491 shares of the company’s stock, valued at approximately $4,712,195.10. This trade represents a 5.60 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Luke C. Brandenberg bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average price of $6.50 per share, with a total value of $32,500.00. Following the completion of the transaction, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at $628,114.50. This trade represents a 5.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 83,174 shares of company stock worth $520,493. 1.90% of the stock is owned by insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in shares of Granite Ridge Resources by 35.8% in the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock valued at $8,591,000 after purchasing an additional 357,705 shares in the last quarter. Geode Capital Management LLC grew its holdings in Granite Ridge Resources by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after purchasing an additional 317,303 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock valued at $5,926,000 after buying an additional 393,787 shares during the period. State Street Corp grew its position in Granite Ridge Resources by 1.4% in the 3rd quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after acquiring an additional 12,607 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Granite Ridge Resources in the 2nd quarter worth about $2,891,000. 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.