Roth Capital Issues Negative Forecast for GRNT Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities research analysts at Roth Capital decreased their Q3 2024 earnings per share (EPS) estimates for Granite Ridge Resources in a research report issued to clients and investors 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 forecast 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.

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

Granite Ridge Resources Stock Up 0.2 %

GRNT stock opened at $5.96 on Monday. Granite Ridge Resources has a one year low of $5.20 and a one year high of $7.10. The company has a fifty day moving average of $6.17 and a 200-day moving average of $6.37. The stock has a market capitalization of $779.23 million, a PE ratio of 13.24, a price-to-earnings-growth ratio of 1.56 and a beta of 0.19. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.24 and a current ratio of 2.24.

Granite Ridge Resources (NYSE:GRNT) last posted its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. Granite Ridge Resources had a return on equity of 13.01% and a net margin of 14.39%. During the same quarter in the previous year, the firm earned $0.19 EPS.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 7.38%. The ex-dividend date of this dividend was Friday, August 30th. Granite Ridge Resources’s payout ratio is 97.78%.

Insider Activity at Granite Ridge Resources

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

Institutional Investors Weigh In On Granite Ridge Resources

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

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.