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

Granite Ridge Resources (NYSE:GRNT) posted its earnings results on Thursday. The company reported $0.09 earnings per share (EPS) 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 analysts’ expectations of $139.44 million.

Granite Ridge Resources Stock Up 4.6%

Shares of NYSE GRNT traded up $0.21 during midday trading 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 stock has a 50 day simple moving average of $4.67 and a 200-day simple moving average of $5.08. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $642.75 million, a price-to-earnings ratio of -23.20 and a beta of 0.20. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.14.

Granite Ridge Resources Announces Dividend

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

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, CFO Ronald Kyle Kettler purchased 6,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were purchased at an average cost of $5.08 per share, for a total transaction of $30,480.00. Following the purchase, the chief financial officer owned 129,276 shares of the company’s stock, valued at approximately $656,722.08. This represents a 4.87% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Griffin Perry purchased 100,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were acquired at an average cost of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the transaction, the director directly owned 1,163,903 shares in the company, valued at approximately $6,389,827.47. This represents a 9.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 148,780 shares of company stock worth $798,208. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Granite Ridge Resources

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in shares of Granite Ridge Resources by 5,859.1% during the 2nd quarter. Bank of America Corp DE now owns 4,525,525 shares of the company’s stock worth $28,828,000 after purchasing an additional 4,449,582 shares in the last quarter. Zazove Associates LLC bought a new position in shares of Granite Ridge Resources in the fourth quarter valued at $3,210,000. Goldman Sachs Group Inc. grew its stake in shares of Granite Ridge Resources by 115.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 827,654 shares of the company’s stock valued at $3,890,000 after buying an additional 442,900 shares in the last quarter. Jane Street Group LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth $1,495,000. Finally, Lazard Asset Management LLC increased its holdings in Granite Ridge Resources by 9,246.6% during the third quarter. Lazard Asset Management LLC now owns 299,091 shares of the company’s stock worth $1,618,000 after buying an additional 295,891 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.