GRNT FY2024 EPS Forecast Boosted by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT) – Research analysts at Capital One Financial lifted their FY2024 earnings estimates for Granite Ridge Resources in a report issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $0.52 for the year, up from their prior forecast of $0.51. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ FY2025 earnings at $0.59 EPS.

Separately, Evercore ISI lowered their price target on Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Granite Ridge Resources Trading Up 0.9 %

GRNT stock opened at $6.86 on Monday. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $6.37 and its 200-day moving average is $6.33. The firm has a market cap of $896.90 million, a P/E ratio of 19.06, a P/E/G ratio of 1.61 and a beta of 0.22.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GRNT. Ground Swell Capital LLC bought a new stake in shares of Granite Ridge Resources during the third quarter worth approximately $66,000. The Manufacturers Life Insurance Company raised its position in shares of Granite Ridge Resources by 52.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,206 shares of the company’s stock valued at $147,000 after acquiring an additional 7,965 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Granite Ridge Resources by 155.7% in the 3rd quarter. SG Americas Securities LLC now owns 26,335 shares of the company’s stock valued at $156,000 after purchasing an additional 16,037 shares during the period. Principal Financial Group Inc. boosted its position in shares of Granite Ridge Resources by 17.2% in the 2nd quarter. Principal Financial Group Inc. now owns 27,072 shares of the company’s stock worth $171,000 after purchasing an additional 3,980 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in Granite Ridge Resources in the third quarter valued at about $281,000. 31.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Granite Ridge Resources

In related news, Director Matthew Reade Miller acquired 41,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $6.10 per share, with a total value of $250,100.00. Following the acquisition, the director now directly owns 772,491 shares in the company, valued at $4,712,195.10. The trade was a 5.60 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was bought at an average price of $6.55 per share, with a total value of $32,750.00. Following the transaction, the chief financial officer now directly owns 86,723 shares in the company, valued at approximately $568,035.65. This represents a 6.12 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 83,174 shares of company stock valued at $520,493 in the last three months. 1.90% of the stock is owned by corporate insiders.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date was Friday, November 29th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 122.22%.

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.