Granite Ridge Resources (NYSE:GRNT) Announces Earnings Results

Granite Ridge Resources (NYSE:GRNT) released its quarterly earnings data on Thursday. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09), FiscalAI reports. The business had revenue of $105.49 million during the quarter, compared to analyst estimates of $120.76 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.79%.

Granite Ridge Resources Price Performance

Shares of GRNT opened at $5.01 on Friday. The company has a market cap of $657.56 million, a P/E ratio of 27.83, a PEG ratio of 2.62 and a beta of 0.34. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.72. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average price is $4.84 and its 200 day moving average price is $5.13.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 8.8%. The ex-dividend date of this dividend is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio is presently 157.14%.

Insider Buying and Selling

In other Granite Ridge Resources news, Director John Mccartney purchased 5,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was acquired at an average price of $5.26 per share, for a total transaction of $26,300.00. Following the completion of the purchase, the director directly owned 113,117 shares in the company, valued at approximately $594,995.42. The trade was a 4.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Several hedge funds have recently modified their holdings of the stock. Invesco Ltd. boosted its holdings in Granite Ridge Resources by 12.5% in the fourth quarter. Invesco Ltd. now owns 135,079 shares of the company’s stock valued at $635,000 after purchasing an additional 14,966 shares during the period. Corient Private Wealth LLC grew its stake in Granite Ridge Resources by 29.1% during the 4th quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock worth $96,000 after purchasing an additional 4,587 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after purchasing an additional 2,596 shares during the period. Zazove Associates LLC acquired a new stake in Granite Ridge Resources in the 4th quarter valued at about $3,210,000. Finally, VARCOV Co. acquired a new stake in Granite Ridge Resources in the 4th quarter valued at about $405,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

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.