FY2024 Earnings Estimate for Granite Ridge Resources, Inc. (NYSE:GRNT) Issued By Capital One Financial

by · The Markets Daily

Granite Ridge Resources, Inc. (NYSE:GRNT – Free Report) – Equities researchers at Capital One Financial dropped their FY2024 earnings estimates for Granite Ridge Resources in a note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $0.52 per share for the year, down from their previous estimate of $0.61. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.59 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ Q4 2024 earnings at $0.13 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.09 EPS and Q4 2025 earnings at $0.09 EPS.

Granite Ridge Resources (NYSE:GRNT – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). Granite Ridge Resources had a net margin of 14.39% and a return on equity of 13.01%. The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $96.97 million. During the same quarter in the prior year, the business posted $0.19 EPS.

Separately, Bank of America reiterated a “neutral” rating and issued a $7.00 price objective on shares of Granite Ridge Resources in a research report on Friday, June 14th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.95.

Read Our Latest Report on Granite Ridge Resources

Granite Ridge Resources Stock Down 1.9 %

NYSE:GRNT opened at $6.28 on Thursday. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $6.43 and its two-hundred day moving average is $6.42. Granite Ridge Resources has a twelve month low of $5.20 and a twelve month high of $7.10. The company has a market cap of $821.07 million, a PE ratio of 13.96, a P/E/G ratio of 1.45 and a beta of 0.19.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GRNT. Georgetown University acquired a new position in Granite Ridge Resources in the 4th quarter valued at about $15,818,000. Dimensional Fund Advisors LP acquired a new position in shares of Granite Ridge Resources in the second quarter valued at approximately $2,891,000. Silvercrest Asset Management Group LLC lifted its stake in shares of Granite Ridge Resources by 32.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,643,000 shares of the company’s stock valued at $10,680,000 after buying an additional 406,500 shares during the period. AQR Capital Management LLC boosted its position in Granite Ridge Resources by 72.6% during the second quarter. AQR Capital Management LLC now owns 936,201 shares of the company’s stock worth $5,926,000 after acquiring an additional 393,787 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Granite Ridge Resources by 35.8% during the second quarter. American Century Companies Inc. now owns 1,357,179 shares of the company’s stock worth $8,591,000 after acquiring an additional 357,705 shares during the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Granite Ridge Resources

In related news, CFO Tyler Farquharson purchased 5,000 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was acquired at an average price of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Matthew Reade Miller bought 8,500 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the completion of the transaction, the director now owns 692,496 shares in the company, valued at $4,134,201.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tyler Farquharson bought 5,000 shares of the stock in a transaction on Monday, August 19th. The stock was purchased at an average cost of $6.62 per share, for a total transaction of $33,100.00. Following the acquisition, the chief financial officer now directly owns 76,723 shares of the company’s stock, valued at approximately $507,906.26. The disclosure for this purchase can be found here. Insiders have acquired a total of 30,433 shares of company stock worth $189,581 over the last three months. 1.90% of the stock is currently owned by corporate insiders.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 7.01%. The ex-dividend date was Friday, August 30th. Granite Ridge Resources’s dividend payout ratio is presently 97.78%.

About Granite Ridge Resources

(Get Free Report)

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.

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