Granite Ridge Resources (NYSE:GRNT) Announces Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Granite Ridge Resources (NYSE:GRNT) announced its quarterly earnings results on Thursday. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.09), FiscalAI reports. Granite Ridge Resources had a net margin of 8.38% and a return on equity of 12.12%. The company had revenue of $105.49 million for the quarter, compared to analysts’ expectations of $120.76 million.

Granite Ridge Resources Stock Up 1.7%

Shares of GRNT traded up $0.09 during mid-day trading on Thursday, hitting $5.35. 847,688 shares of the company’s stock were exchanged, compared to its average volume of 640,887. The stock’s 50-day moving average is $4.82 and its 200-day moving average is $5.13. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.41 and a current ratio of 1.41. 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 market cap of $702.19 million, a price-to-earnings ratio of 19.11, a P/E/G ratio of 2.53 and a beta of 0.34.

Granite Ridge Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a yield of 8.2%. Granite Ridge Resources’s dividend payout ratio is 157.14%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.00.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney purchased 5,000 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was bought at an average price of $5.26 per share, with a total value of $26,300.00. Following the transaction, the director directly owned 113,117 shares of the company’s stock, valued at approximately $594,995.42. This represents 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. In the last quarter, insiders have purchased 9,648 shares of company stock worth $51,264. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sherbrooke Park Advisers LLC raised its stake in shares of Granite Ridge Resources by 12.9% during the third quarter. Sherbrooke Park Advisers LLC now owns 20,573 shares of the company’s stock worth $111,000 after purchasing an additional 2,357 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Granite Ridge Resources by 10.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock valued at $132,000 after buying an additional 2,596 shares during the period. The Manufacturers Life Insurance Company raised its position in Granite Ridge Resources by 13.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,883 shares of the company’s stock worth $152,000 after buying an additional 2,798 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Granite Ridge Resources by 35.5% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock worth $62,000 after acquiring an additional 3,010 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in shares of Granite Ridge Resources by 15.9% in the third quarter. Intech Investment Management LLC now owns 25,812 shares of the company’s stock valued at $140,000 after acquiring an additional 3,550 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.