Granite Ridge Resources (GRNT) Expected to Announce Quarterly Earnings on Thursday

Granite Ridge Resources (NYSE:GRNT) is expected to be announcing its earnings results before the market opens on Thursday, March 6th. Analysts expect the company to announce earnings of $0.14 per share and revenue of $100.68 million for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Granite Ridge Resources Stock Performance

Shares of GRNT stock opened at $5.97 on Thursday. 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 has a 12-month low of $5.47 and a 12-month high of $7.10. The business’s 50 day moving average is $6.36 and its two-hundred day moving average is $6.28. The company has a market capitalization of $780.54 million, a P/E ratio of 16.58, a P/E/G ratio of 1.29 and a beta of 0.22.

Granite Ridge Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.37%. Granite Ridge Resources’s dividend payout ratio (DPR) is 122.22%.

Analysts Set New Price Targets

Separately, Capital One Financial lowered shares of Granite Ridge Resources from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.60.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, Director Matthew Reade Miller purchased 41,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $6.10 per share, with a total value of $250,100.00. Following the completion of the purchase, the director now owns 772,491 shares in the company, valued at approximately $4,712,195.10. This represents a 5.60 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average price of $6.10 per share, for a total transaction of $51,819.50. Following the completion of the transaction, the chief executive officer now directly owns 109,128 shares of the company’s stock, valued at $665,680.80. The trade was a 8.44 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 51,501 shares of company stock valued at $314,286 over the last quarter. 1.90% of the stock is currently owned by insiders.

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.