Capital One Financial Predicts GRNT FY2024 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Analysts at Capital One Financial boosted their FY2024 earnings estimates for Granite Ridge Resources in a research note issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $0.52 per share for the year, up from their previous forecast 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 cut 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 Up 0.7 %

Shares of GRNT stock opened at $6.86 on Monday. The business has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $6.32. Granite Ridge Resources has a 12-month low of $5.20 and a 12-month high of $7.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.30. The firm has a market cap of $896.90 million, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 1.61 and a beta of 0.22.

Institutional Investors Weigh In On Granite Ridge Resources

Several institutional investors have recently modified their holdings of GRNT. Ground Swell Capital LLC purchased a new stake in shares of Granite Ridge Resources during the 3rd quarter valued at about $66,000. The Manufacturers Life Insurance Company raised its stake 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 buying an additional 7,965 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Granite Ridge Resources by 155.7% during the 3rd quarter. SG Americas Securities LLC now owns 26,335 shares of the company’s stock valued at $156,000 after buying an additional 16,037 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Granite Ridge Resources by 17.2% in the second quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after acquiring an additional 3,980 shares during the period. Finally, PDT Partners LLC purchased a new stake in Granite Ridge Resources during the third quarter valued at $281,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $6.55 per share, with a total value of $32,750.00. Following the transaction, the chief financial officer now owns 86,723 shares of the company’s stock, valued at $568,035.65. The trade was a 6.12 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Reade Miller bought 18,173 shares of Granite Ridge Resources stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.49 per share, with a total value of $117,942.77. Following the acquisition, the director now owns 711,164 shares in the company, valued at approximately $4,615,454.36. This represents a 2.62 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 83,174 shares of company stock worth $520,493. 1.90% of the stock is currently owned by company insiders.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 6.41%. The ex-dividend date of this dividend was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio is 122.22%.

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.