Granite Ridge Resources (NYSE:GRNT) Announces Earnings Results

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

Granite Ridge Resources Price Performance

GRNT traded up $0.09 during trading on Thursday, reaching $5.35. The stock had a trading volume of 847,688 shares, compared to its average volume of 640,887. Granite Ridge Resources has a 1-year low of $4.18 and a 1-year high of $6.72. The firm has a market capitalization of $702.19 million, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 2.53 and a beta of 0.34. The stock has a 50 day moving average of $4.82 and a two-hundred day moving average of $5.13. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 8.2%. The ex-dividend date of this dividend is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio is 157.14%.

Wall Street Analyst Weigh In

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 research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Granite Ridge Resources presently has an average rating of “Hold” and an average price target of $8.00.

Insider Transactions at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were acquired at an average cost of $5.26 per share, for a total transaction of $26,300.00. Following the acquisition, the director directly owned 113,117 shares of the company’s stock, valued at $594,995.42. This trade represents a 4.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders bought 9,648 shares of company stock worth $51,264 over the last quarter. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Hedge funds have recently bought and sold shares of the business. Prelude Capital Management LLC lifted its stake in shares of Granite Ridge Resources by 78.2% in the third quarter. Prelude Capital Management LLC now owns 19,600 shares of the company’s stock valued at $106,000 after buying an additional 8,600 shares during the period. Occudo Quantitative Strategies LP bought a new stake in shares of Granite Ridge Resources during the second quarter valued at approximately $104,000. Verition Fund Management LLC raised its stake in shares of Granite Ridge Resources by 97.5% in the fourth quarter. Verition Fund Management LLC now owns 21,131 shares of the company’s stock valued at $99,000 after purchasing an additional 10,431 shares in the last quarter. Corient Private Wealth LLC lifted its position in Granite Ridge Resources by 29.1% in the fourth quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock worth $96,000 after purchasing an additional 4,587 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Granite Ridge Resources by 2,610.9% during the second quarter. Russell Investments Group Ltd. now owns 14,395 shares of the company’s stock worth $92,000 after buying an additional 13,864 shares in the last quarter. 31.56% of the stock is owned by hedge funds and other institutional investors.

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.