Granite Ridge Resources (NYSE:GRNT) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Granite Ridge Resources (NYSE:GRNT) issued its earnings results on Thursday. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01, Zacks reports. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%.The business had revenue of $149.27 million during the quarter, compared to the consensus estimate of $139.44 million.

Granite Ridge Resources Stock Up 4.6%

Shares of Granite Ridge Resources stock traded up $0.21 during trading hours on Friday, reaching $4.87. The company’s stock had a trading volume of 1,425,825 shares, compared to its average volume of 712,207. The company has a market capitalization of $642.75 million, a P/E ratio of -23.20 and a beta of 0.20. The stock’s fifty day simple moving average is $4.67 and its two-hundred day simple moving average is $5.08. Granite Ridge Resources has a one year low of $4.18 and a one year high of $6.14. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93.

Granite Ridge Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 28th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 9.0%. Granite Ridge Resources’s dividend payout ratio (DPR) is presently -176.00%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Northland Securities assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday, July 8th. They set an “outperform” rating and a $9.00 target price on the stock. Stephens decreased their price target on shares of Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Wall Street Zen cut shares of Granite Ridge Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings downgraded Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.00.

Insider Buying and Selling at Granite Ridge Resources

In related news, Director Griffin Perry purchased 100,000 shares of the business’s stock in a transaction on Monday, May 18th. The stock was acquired at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the purchase, the director owned 1,163,903 shares of the company’s stock, valued at approximately $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ronald Kyle Kettler acquired 6,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were bought at an average cost of $5.08 per share, with a total value of $30,480.00. Following the completion of the acquisition, the chief financial officer directly owned 129,276 shares in the company, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 148,780 shares of company stock valued at $798,208. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Granite Ridge Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its holdings in Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock worth $35,000 after acquiring an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Granite Ridge Resources by 2,398.3% in the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the last quarter. OpenArc Corporate Advisory LLC bought a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $52,000. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Granite Ridge Resources by 35.5% during the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares in the last quarter. 31.56% of the stock is 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.