Granite Ridge Resources (NYSE:GRNT) Announces Earnings Results

Granite Ridge Resources (NYSE:GRNT) posted its quarterly earnings results on Thursday. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million.

Granite Ridge Resources Stock Performance

Shares of GRNT traded up $0.21 during trading hours on Friday, hitting $4.87. The company had a trading volume of 1,425,825 shares, compared to its average volume of 712,207. The business has a fifty day moving average of $4.67 and a 200-day moving average of $5.08. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a market cap of $642.75 million, a price-to-earnings ratio of -23.20 and a beta of 0.20. Granite Ridge Resources has a 12 month low of $4.18 and a 12 month high of $6.14.

Granite Ridge Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders 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 dividend yield of 9.0%. Granite Ridge Resources’s dividend payout ratio is presently -176.00%.

Insider Activity at Granite Ridge Resources

In related news, Director Griffin Perry purchased 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were 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 in the company, valued at approximately $6,389,827.47. This represents a 9.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tyler Farquharson acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were bought at an average price of $5.15 per share, with a total value of $51,500.00. Following the completion of the transaction, the chief executive officer directly owned 344,743 shares of the company’s stock, valued at approximately $1,775,426.45. The trade was a 2.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 148,780 shares of company stock worth $798,208 in the last quarter. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC raised its stake in Granite Ridge Resources by 29.1% in 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. Verition Fund Management LLC grew its position in shares of Granite Ridge Resources by 97.5% during the 4th quarter. Verition Fund Management LLC now owns 21,131 shares of the company’s stock worth $99,000 after purchasing an additional 10,431 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Granite Ridge Resources by 40.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 17,481 shares of the company’s stock worth $82,000 after purchasing an additional 5,077 shares during the period. Advisory Services Network LLC increased its holdings in shares of Granite Ridge Resources by 37.9% during the third quarter. Advisory Services Network LLC now owns 14,560 shares of the company’s stock worth $79,000 after purchasing an additional 4,000 shares during the period. Finally, Prelude Capital Management LLC raised its position in shares of Granite Ridge Resources by 78.2% in the third quarter. Prelude Capital Management LLC now owns 19,600 shares of the company’s stock valued at $106,000 after buying an additional 8,600 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GRNT has been the subject of several recent analyst reports. Stephens cut their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Zacks Research lowered shares of Granite Ridge Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. 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 price target for the company. Weiss Ratings downgraded shares of Granite Ridge Resources from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 22nd. Finally, 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. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average 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.