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

Granite Ridge Resources (NYSE:GRNT) posted 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 company had revenue of $105.49 million for 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 Stock Down 6.2%

Shares of GRNT opened at $5.01 on Monday. The firm has a market cap of $657.56 million, a PE ratio of 27.83, a price-to-earnings-growth ratio of 2.46 and a beta of 0.34. The company’s fifty day moving average is $4.84 and its two-hundred day moving average is $5.13. 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.

Granite Ridge Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.8%. Granite Ridge Resources’s dividend payout ratio is 244.44%.

Analyst Upgrades and Downgrades

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

Institutional Trading of Granite Ridge Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. grew its stake in shares of Granite Ridge Resources by 264.2% in the second quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after buying an additional 3,994 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Granite Ridge Resources by 103.0% during the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares during the period. OpenArc Corporate Advisory LLC acquired a new position in shares of Granite Ridge Resources during the fourth quarter worth $52,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Granite Ridge Resources by 35.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company’s stock valued at $62,000 after purchasing an additional 3,010 shares during the period. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.