Capital One Financial Forecasts GRNT FY2024 Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities researchers at Capital One Financial boosted their FY2024 earnings per share estimates for Granite Ridge Resources in a research note issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $0.52 per share 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 objective on shares of 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 Price Performance

GRNT stock opened at $6.86 on Monday. The firm has a 50-day moving average of $6.37 and a two-hundred day moving average of $6.33. The firm has a market capitalization of $896.90 million, a PE ratio of 19.06, a P/E/G ratio of 1.61 and a beta of 0.22. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. Granite Ridge Resources has a one year low of $5.20 and a one year high of $7.10.

Granite Ridge Resources Dividend Announcement

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

Insider Activity

In related news, Director Matthew Reade Miller acquired 41,000 shares of the stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $6.10 per share, for a total transaction of $250,100.00. Following the completion of the purchase, the director now owns 772,491 shares in the company, valued at approximately $4,712,195.10. The trade was a 5.60 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Luke C. Brandenberg bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the transaction, the chief executive officer now directly owns 96,633 shares of the company’s stock, valued at $628,114.50. This trade represents a 5.46 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 83,174 shares of company stock valued at $520,493. Insiders own 1.90% of the company’s stock.

Institutional Trading of Granite Ridge Resources

Several hedge funds and other institutional investors have recently bought and sold shares of GRNT. Charles Schwab Investment Management Inc. raised its position in shares of Granite Ridge Resources by 50.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 424,593 shares of the company’s stock valued at $2,522,000 after buying an additional 141,634 shares during the last quarter. Denali Advisors LLC acquired a new position in Granite Ridge Resources in the 2nd quarter valued at approximately $802,000. Geode Capital Management LLC lifted its position in shares of Granite Ridge Resources by 35.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock worth $7,258,000 after acquiring an additional 317,303 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Granite Ridge Resources by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after purchasing an additional 21,852 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after purchasing an additional 61,162 shares during the period. 31.56% of the stock is currently owned by institutional investors and hedge funds.

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.